Edgehogging works like 10% of the time in Brawl compared to Melee, so I guess you don't have that problem in Brawl that much anymore.
Anyways, why is edgehogging cheap compared to normal tactics of playing to win? You would rather have a marth standing at the edge and fsmashing than a character simply hanging on the edge? I myself consider the edge game to be an integral part of smash. I think it was in a Luigi combo video, but there's one clip where a doc is trying to edgehog the luigi, and the two end up spending about 4 long seconds fighting in the air, before the luigi finally manages to get onto the edge and the doc dies, so the edge game can actually be very exciting. The way I see it, edgehogging, edgeguarding, etc. are integral parts of the game's strategy.
On topic: I'm more of the "Play to win" mindset, so while I think some techniques are overly abused, I don't consider them cheap. Cheap is only glitches that make it impossible for the other person to win (or after a certain point, at least). For example, the Jigglypuff edge infinite sleep technique, or fox laserspamming a reflector/PSI magnet, so that the other character is stuck in there for the rest of the match (both of those are in Melee, of course). I also consider the ICs freeze glitch cheap to use in a match (who doesn't?!?!).