I’d argue the most effective anticheat is dedicated servers. Admin’ed a lot of CS, TFC, and Q3 servers growing up and it was easy enough to kick/ban any one hacking or being an unrepentant dick. Downside for the corps is, you can’t gate all that dlc as easy when users have control.
Live service means there are constant “content” updates being released by the developer/publisher.
This can be character skins, weapon skins or other cosmetics, new maps or modes, new classes, skills or really anything. A lot of times these are wrapped up in to “battle passes” time limited, purchaseable collections of stuff designed to keep players engaging with the game daily for carrots being dangled in front of them. Most of these are also time limited so if you don’t jump through all of the Hoops before the timer expires you no longer have access to the content that you were playing for and paying for.
To relate to old school gaming think of them like mini-expansion packs. The part that most people take issue with is the strategy behind the majority of them.
Almost all live service games are designed to keep players running on the hedonistic treadmill looking for the dopamine hit of that next unlock. In the more egregious free-to-play games you see that crafted through dark patterns in a way that incentivizes users to buy shortcut items through the marketplace to either automatically collect the ranks needed for the unlock or provide double accrual rate for whatever the experience marker is.
The reason they are coined lives service is due the nature of them receiving this constant update drip in a manner that would be live as opposed to static in traditional, Old School multiplayer games where you may see a large expansion every once in awhile but certainly not a weekly or monthly drip feed of new shit for the players to grind away at trying to unlock.
Currently running Bloodborne on a 5900x / 5080 on Mint and it has very few hiccups. Haven’t made it to cathedral ward yet, but the papa guacamole battle was smooth