Originally, people would have cues made to look like house cues, but played like customs for the purpose of hustling. These days, even your average bar box newbie knows the difference between a real house cue and a hustler cue.
Today, sneaky petes and hustlers are really just terms that describe cues that have a house-cue look to them. That doesn't mean they're trying to mimic the looks of a house cue exactly, but that have that motif. Here are some characteristics:
No wrap.
4 points, no veneers.
Forend plain maple (no birdseye)
Backend rosewood or similar.
Buttcap is either just the rosewood shaped at the end, or some put a white cap or sometimes a different color.
Wood to wood joint (although some have steel joints, and others a black phenolic collar joint).
There are some sneaky petes that are closer in looks to a house cue, while others are very elaborate to the point where they almost depart from having house-cue looks. There are 4 features that really start making the cue borderline 1] veneers 2] inlays 3] steel/plastic joint 4] a wrap
There's no true concrete definition of what makes it a sneakypete/hustler, but that's pretty much a good guidline.