Granted I do not use their hosting but many of my clients due. I think it is more restrictive then too open though. Chances are if you hot hacked it was due to a vulnerability with your site and not due to the hosting.
This was quite a few years ago (around 2005 or 2006) and Godaddy admitted it was on their end and that someone gained access to an entire server hacking all sites on that server. Not just mine. The site was never hacked prior to moving to Godaddy and has never been hacked since leaving Godaddy.
In my opinion, Godaddy is bottom of the barrel hosting and I would never recommend them to anyone.