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Blizzard Entertainment takes cheating within their games very seriously. You may have noticed this from some of their blogs posts in these Starcraft 2 forums and even the World of Warcraft forums. Most recently Blizzard released a blog post on cheating in Diablo 3 which you can read on their website.
If any player in Diablo 3 is caught using hacks, bots or modifications to the game client in any way and is outlined in the Terms of Service, said player can look forward to seeing a perma-ban on his/her account. It is not entirely if your entire Battle.Net account is banned or just your access to Diablo 3, I would assume the full account though.
Blizzard has always been about playing fair with other players, so while they may offer you cheat codes for single-player use like in Wings of Liberty, it does not alter the game in a way that harms the way the game is played.
Play fair and game on!