Many of us have found that cold water to hydrate whiskers produces a better shave. SiBurning, who used to post research on shaving here on the forum, has some good scientific data on why this may be so. Search his posts and you'll find them.
In brief, however, your whiskers don't hydrate any faster or better with cold water than hot water. There's no advantage in terms of prep to using hot water. In fact, it may be disadvantageous because heat causes blood to flow to the surface of the skin and cause swelling. While that swelling is imperceptible to the eye, to the razor's edge it's not and under a microscope you can see on the razor, after a shave, little donut shaped bits of flesh. It's hypothesized that this is the flesh surrounding the follicle cut off by the razor.
So cold water expands the beard, but not the skin. As a result, there's less irritation to the skin, but no sacrifice of efficiency at the whisker level. Hot water towels feel great, but I get better shaves without them.
Defenitly familiar with cold water shaves, definitely. I thought you had a unique twist on it for a sec. You sold on on MdC though--I'd like to put an order in very soon.