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I think hacking now that the destiny knot passes down 5 IVs is kind of shameful. I could see why people did it before, because it's hard to get all the IVs perfect, but it's irrelevant now. There isn't much work to get perfect IVs.
Honestly though, I think IVs should be revised. I like the idea that there is a randomish value which means that 2 Pokemon caught are different from each other, but I think that the random nature of IVs is a little too much to deal with. Maybe something like Gourgeist's sizes would be a good replacement - so that the size of each Pokemon is different and affects its stats accordingly, that way you could aim to catch a smaller one for a higher speed/sp. attk/attk stat or a bigger one for a bulkier Pokemon and there would be about 4-8 variations of size.
It'd make the appearance of the Pokemon you catch unique and would also make the Pokemon seem more real. It doesn't seem right that every single Pokemon is supposedly the same size right down to the inches.
It'd be a cool way of measuring up strategy too, you'd need battle experience to look at a Salamence and say 'Hmm, that looks much bigger than normal I think I guess this one is probably going to be slower but bulkier, better change my strategy'.