Well of course it depends on what you use it for. If you use it for doing stuff afk, then yes it's exploiting. The same way leaving your pet somewhere to kill things and getting exp whilst afk is exploiting.
Now if you've got a G key programmed to say run a spell sequence (cast 1, pause x, cast 2, pause x, cast 3, /sit, pause x) Then by all means press it to stop you having to do all those commands, you're still at the keyboard etc so it's equivalent to pressing the buttons yourself, and to everyone watching you may as well be doing that.
It's undetectable as it doesn't operate within EQ, but if it appears you're doing things (moving, casting spells etc) and are seemingly afk (not responding, repeating actions with seemingly mapped timing) then there's a good chance you'll get banned if caught.
Might be quite useful for bards who don't have /melody
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