In the case of some games, the breaking of the game is what actually maintains its repeatability and enjoyment. In the case of a few, like in the Metroid games, this has turned into something of an online competition with people competing to see who can break the game the worst and use it to achieve the craziest effects.
Ex:
metroid2002.com: metroid prime: sequence breaking
I generally go for that type of broken when I've got some time, as it has the same challenge draw that competitive fighting games do, or special achievements. On the more straightforward broken stuff, like Knights of the Round, Vanish/Doom, ect..., I'll use that when given the opportunity in RPGs, as I honestly find the fighting in most RPGs to be incredibly dreary. There's not many that actually require a consistent amount of planning or strat, and after a while I'd rather just be done with them (much like you and Oblivion) than continue the grind.
A classic example of this was taping the buttons down in Final Fantasy VI during the raft ride, and then going to work/school. Come home, level 99. Game is subsequently a breeze. There was also the Sketch Gau trick which I exploited the hell out of to get 1000's of Economizers, Offerings, and Excaliburs.
In multiplayer, I try to avoid it, as I've never been much for what I think of as cheap wins. It bugs me when people use it on me, so I tend to just avoid games that are rife with issues. The main exception to that I can think of was MvC2, but that almost falls under the competitive breaking category as well, since the high level game was all about crazy exploits.
Jam it back in, in the dark.