Maybe you have it backwards. The SLO is cold biased though.
In general the high gain comes from the number of gain stages you use, rather than how warm or cold the preamp stages are biased. Interestingly, a SLO-style very cold clipping stage has relatively little gain, due to the amount of NFB across the very large cathode resistor.
In terms of relative pros and cons, cold biased stages tend to sound fizzier when overdriven, and then usually some high end filtering is used to reduce the excess fizziness. A CF is also typically used to reduce some harshness. Warm biased distortion stages have a thicker tone with more growl, and don't require the filtering and CF. You also get more gain in the stages where the clipping is happening. I find it surprising that more amps don't use warm-biased gain stages. There is probably also a good case to be made for preamps using both types of distortion.