At first I thought it would ruin the game, but it's the complete opposite: I no longer have to worry about cash, one of the things I like to do the most is fight other players in free mode, before I had to constantly worry about how many times I could afford to get killed before I had to stop, not fun at all. Now I can keep fighting for as long as I want, which is awesome. Also, I no longer have to run a away from griefers in tanks because of the risk that they will destroy my car and I will have to pay a lot of $$$ for it (thanks R*!).
And I still have the incentive of gaining RP from missions in order to have access to more weapons and other items, which is enough for me, I was getting bored with GTA because making money is very hard compared to how easy it is to spend/loose it, but this random hacker jerk made the game fun for me again.
The only downside is that I could get thrown in the cheaters pool, but from what I've researched that only happens if you give money to other players, and still, it's a risk I am willing to take.