An hour spent hacking to make something useful or cool is never a wasted hour. But wouldn't it suck to realize that you spent years in grad school without even learning anything?
In any case, this sort of news---the rise of cheating---is both good news and bad news for founders. The good is that your competitors are probably hiring these people. Especially so for folks like AirBnB who are competing with hotel chains, etc.
The bad, of course, is that when hiring, you might run into people like this. But if your hiring process>your competitor's process, then this is very much a net gain for you.