When is comes to precision aiming a mouse is significantly easier to use. That's why it's considered cheating to use a keyboard & mouse in a console game; because it's easier. Why would it be called cheating if it was harder?
The whole reason console games implement various types of auto aim mechanics is because analog sticks are very tricky to be quick & precise with. The mouse doesn't have this problem.
That doesn't make it cheating though. It just makes it a better tool for the job (in this case, playing FPS games).
FPS games suck with controllers because they limit the speed at which you can aim, and aim accurately. When I use a mouse to play a shooter, I can do a 180 degree turn as fast as I can move my arm/wrist. On a controller on the other hand, I am limited by the maximum X-axis on the joystick. At the same time, the point-and-click you mention is very valid. The mouse allows me to be much more accurate than a controller by relying on the muscle memory in my wrist to fine tune my shot to the best of my ability. You can't really do that with a controller.