[Andrew Hackard]

Here is the simplest way I can think of to explain Cheat!: when you are looking at your cards to make sure you have a legal setup, ignore any Item with Cheat! attached to it.

That's it.

Cheat! doesn't remove any properties of an Item or change its fundamental nature; it just means it doesn't count toward a legal or illegal setup.

There are nuances here that are not appropriate for the 101 forum, but if you apply the guideline above, you'll be right 97.3% of the time. (It has a decimal point, so you know it's a precise figure.)