I have before and there were no major issues. I believe it comes down to how long ago it took place and what the circumstances were at the time. I have never been one of those people who were quick to brand people.
"Every saint has a past and every sinner has a future."
Most people who say, "Once a cheater always a cheater" do so in order to protect themselves from taking the risk. Oddly enough no one says "Once the other woman/man always the other woman/man". Odds are if you have dated at least 10 people one of them most likely has either cheated on someone or "cheated with someone" who was married or in a relationship.
Intellectually one has to acknowledge that if a drug addict can give up drugs, an alcoholic can stop drinking, and a smoker can stop smoking.... then it stands to reason a cheater can stop cheating. In the end we believe what we need to believe in order to feel comfortable.