While I do somewhat agree and might be biased as a probable competitor I'll give my two cents on the topic.

IOI as an event will not happen. The trips, hotel and the atmosphere of IOI that we all know and love will not be there. But on the other, IOI as competition is being held. The problems will be of equal quality, the system might be a little slower but I doubt it will affect the participants as long as a stable connection to the Internet is provided. So in my eyes, IOI as competition has lost none of its value. As far as cheating is concerned, as all the details regarding the competition have not yet been published we can only guess but I hope a national team will be assembled in one room. In that way monitoring the participant is a lot easier and any cheating should involve all of the contestants, both the team leader and deputy leader, and the whole organization in that country. In that regard I highly doubt cheating will affect any medalists and especially not silver and above. One more thing I would like to point out is that countries that are capable of cheating are far less likely to cheat which furthers my point that this will affect the higher rankings. So to me, who is aiming for a high ranking at IOI, it is the same IOI as last year.