I only record my own stuff for now, but I always copy and paste entire verses and choruses. It just saves me time really. I don't think I'm a particularly poor guitar player, I do make an effort to track entire verses and choruses in on take, no matter how many bars it is, be it 16, or 32 or whatever. It's just about getting a consistency really.
I would dare say, given enough practice, I probably could quite easily pull off entire songs in one or two takes.
I mean, the technology is there, why not take advantage of it if it makes things easy? This isn't wrong and "cheating" people at all IMO, as long as the musician/musicians can actually pull it off live with a good deal of accuracy, why care? I certainly don't anyway, because I know the studio album/EP or whatever isn't the same environment as a live performance anyway.