Huh, I had never heard that before.
From what I know about plugs, the relationship of hot/cold is directly related to the compression of the engine and nitro percentage of the fuel. The variable that the plug fills is the combustion timing. Hot makes the combustion happen earlier whereas cold makes it happen later.
High nitro ignites easier than low nitro.
High compression causes the fuel/air mix to ignite easier.
Easier combustion usually requires a cooler plug to cause the fuel to ignite at the right time. Cooler plugs allow the combustion to happen just as the piston reaches TDC, then as it's rolling over the top of the stroke, the fuel has time to burn before the exhaust port is open.
If you ran too hot of a plug for your compression/nitro content, the combustion would happen to early in the stroke as the piston is coming up. I believe this is called detonation. When this happens, the explosion causes the piston to want to go back down when it should be coming up. Inertia keeps it going up, but it's fighting itself.
If you run too cool of a plug for your compression/nitro content, the combustion would happen as the piston is already on it's way back down, which means your loosing power directly out the exhaust.
Sometimes it's required that you actually add head shims when you increase nitro content beyond a certain point or regardless of the plug you use, you get detonation. Extra shims lowers the compression ratio mechanically.
I can try to find the info I read that stated most of the above, but from what I remember, that is the hot/cold plug purpose. A hot/cold plug doesn't have much to do with the ambient temps your running the engine in.
Here's a few articles I've read on the issue:
http://www.hooked-on-rc-airplanes.com/rc-glow-plugs.html
http://www.rchobbies.org/cars_eng-tuning.htm