I can't imagine playing an open-ended game (or any other PC game, for that matter) like Sims 2 without using cheats ... Seriously, it's a "sandbox" game; you might as well have unlimited simoleons, maximum skills and awards, and complete control over your sims. The boolprop cheat is perhaps the best and most powerful.
Well, some people play for building houses and decorating them. Some play to make lesbian relationships.

I play to try and manage every detail of their life. I always turn Free Will off and I take a lot of pleasure in figuring out how to manage their money to buy the necessities with a crappy job. It's hard at first, but it's really fulfilling when they finally move into a bigger house, or can buy a new couch. Time management, like trying to fit in homework or skill development while still needing to sleep and be at work early the next morning are exciting to me as well. I am the type of person who loves planning and organizing, so these aspects of the game are perfect for me.
Once or twice I have cheated and built a mansion with decadent furniture, but really I found it pretty boring...once you have everything, what's the point? There is nothing to aim for.