I've owned a couple of cold light heads--a Graflarger back and an Aristo Hi-D head for my Omega D-II.
I do like the dust/pinhole suppression effect of a diffuse light source, and cold light does this well. This may also cause some reduction in sharpness, but I try to make up for that in other ways--glass neg carrier, apo lenses, checking alignment, negs developed to sufficient contrast of course.
I generally prefer graded papers, so the filtration issue isn't a big deal for me.
The Graflarger back was handy for working in a small space with a 4x5" camera as the enlarger on a copy stand, but the old-style light source had to warm up to give consistent output, and is unquestionably a pain to use for this reason, unless you're enlarging through a shuttered lens and can control exposure time that way, which is probably the original intended use of the Graflarger back, for the photojournalist on the road who might have print in a motel closet at night, englarging through the taking lens. It was good enough for newsprint. I keep it around for the day, perhaps, when I might be spending a year living abroad and might want to be able convert my camera temporarily into an enlarger.
The Aristo Hi-D head has a heater like most more modern cold light heads, which significantly improves the consistency, but I've added a Metrolux compensating timer, and this combination is really excellent, particularly when I've had to make prints in quantity, because the light output is high, and the Metrolux gives absolute consistency, even for very short exposures timed to a precision of 1/10 sec.
This is great for tasks like printing a stack of 50 postcards from a medium format or 4x5" neg, where the exposure time might be something like 2.3 sec. I remember trying this once with the Graflarger head, of course exposing them all after making a couple of test prints, then taking them over to the developer tray and realizing that somewhere around 20 prints in, they were too dark. The Metrolux solves this problem.
A compensating timer is an expense, but for the way I work, I like the combination of cold light and compensating timer.