#1
This is probably the most controversial subject for basses. Do you feel that using a pick is "cheating?"

Personally, I don't think so. Playing with a pick doesn't really make you bad, but if you play with your fingers, you're awesome.
#2
Well, in my opinion, you really can't get all styles of bass playing only fingerstyle or only with a pick. To be a truly great bassist, you should be able to use both well.
Gear:
Ibanez RG350DX
Peavey Vypyr Tube 60

Currently saving for:
Agile/Gary Kramer 7 string
#4
i've seen plenty of people play finger style and they still sucked. picks or fingers dont make you good or bad. if you're a good bassist who uses a pick, you're still a good bassist. there are amazing players out there on both sides of it.