Does Saints Row 3 have the non-cheat infinite ammo like they had on Saints Row 2? *many spoiler*

Yes. You need to purchase all the ammo upgrades for each weapon class. 25% more shotgun ammo, then 50% more. The final upgrade allows you to have infinite ammo for that weapon type. But you need to be level 50 before you can unlock it. You can also negate the need to reload, have infinite sprint, and be virtually invulnerable to all forms of damage except melee.

No reloading?  SWEEEEET.

Honestly, I don't like how they implemented these features in SR3.  The problem is that once I unlock these things, there's no way to turn them back off.  It's fun goofing around throwing infinite fart bombs and being an unstoppable bullet sponge, but if I want a challenge, I'm either stuck being Superman or have to start up a new save.

[quote user="Trippul G"]

Honestly, I don't like how they implemented these features in SR3.  The problem is that once I unlock these things, there's no way to turn them back off.  It's fun goofing around throwing infinite fart bombs and being an unstoppable bullet sponge, but if I want a challenge, I'm either stuck being Superman or have to start up a new save.

[/quote]No, that's what cheat codes are for. If you want to mess around for a few minutes and blow stuff up, input a code. But if you put in the time and effort and you want to be an indestructible beast, then that's an option as well.