I love my Hotplate, I use it all the time. On loud and outdoor venues, I'm using a 4x12 with Eminence V-12 Legends, Hotplate on -4, amp masters 8-ish.
On lower stage volume situations, I use a 2x12 with Eminence Swamp Thangs, Hotplate at -8, masters around 5.
Tone is very very close, just greatly reduced volume. I don't have a problem with the Hotplate screwing with the tone until you hit -12 and above settings. Bright and Deep controls work very well to compensate for the room if you may need a little more bass outdoors, or a little more cut in a muddy room for example.
You could also use the Hotplate on LOAD, then slave out the Line Out to a small SS amp. This works great for bedroom levels or even headphones. Line Out can also be used for W/D rigs because of the excellent volume control it employs.
Overall the Hotplate is one of the best investments I've made into my tone. Every venue is different, so is studio work. I can use the same head that I love for whatever I need to do, the Hotplate gives me the versatility.