Interesting thoughts and questions. Never wondered how the world would look like in BW alone. I just started to fall in love with black and white photography and I don't yet know why.
As for the 'cheating' part... hmm... I don't think anybody can answer that. Sometimes, a BW photo adds that special touch to a scene, but other times, colors are much needed.
My eye is not as trained as yours, but I know that from an artistic point of view, you're not required to show reality, you're required to tell a story, even fictive, and spark a feeling inside the viewer.
Thanks, Vlad, for your words and for stopping by. You are also right, as long this is artistic photography, and not documentary type one, then I guess nothing can be called cheating. :)