I prefer lock picking, since Bethesda did it pretty well in Fallout, but I usually hack terminals just for the juicy info they might have. I just quicksave before and get ready.
All I do is pick one word, then pick completely different word that doesn't have a similar layout to the first word. Then I just look for matches. Alternatively, I just randomly click the possibilities and quickload until the hack is successful.
But I love it when it does work, since now I can do things that I couldn't do before. Sure I can deactivate the turrets, but the important thing is the information stored. Like in the Nuka-Cola factory. When you hacked those terminal's, you must have smiled at least at what they contained and the revelation of what you had been drinking all this time.