When you have a cake, and put in in an area where you are not allowed to build, if you click rapidly where you placed the cake, it will restore your hunger and come back into your inventory.
D0rc, found this a while back. It seems that it only allows you to have infinite sprint, it doesn't heal you, and upon getting hit the health is reset. I don't think there will be a practical way to fix this besides removing cakes altogether.
This. Andy already knows about it, I think, and if he hasn't done anything about it than it's not a significant problem.
It's been fixed already, or at least I can't do it anyway. Like said already, if you do it, you can infinite sprint, but no healing of health. If you get hit, then the hunger resets back to zero. However, when I did it a couple days ago on accident, I couldn't sprint, it would push me back like I was trying to use fly mod or something. Then I ate food normally, and I could sprint again. So I don't think it's exploitable anymore.