To really understand what is going on with cold light vs condensor (or even point source, a rare thing today), you have to read up some on what is called the Callier effect (no relation).
In simple terms, as j-fr and Helen mentioned, highlights are affected the most. The quality of the light coming from a condensor is columnated, or linearized to pass through the emulsion. Scattering occurs when passing through the silver grains, which impedes the light's passage as it exits. This happens more in the highlights than shadows because of the greater density of silver. This increases the contrast in an artificial way, and an enlarged print will have more contrast than a contact from the same neg, since this doesn't happen in contact printing, and I believe it gets worse with greater enlargement.
The Cold Light, on the other hand is already diffused, so this phenomenon doesn't occur as it passes through the emulsion, giving a better rendition of what is in the negative. The argument for using a cold light is that you can expand the contrast in film development, building better separation (and therefore information) into the final neg image.
The first time I used a cold light (Aristo), I made a comparison with my condensor head, and found that I could use a higher contrast paper, giving me better shadow separation and detail, without "chalking" up the highlights. I never went back. Also, since I use 35mm, 2 1/4, and 4x5, I don't need all those condensors, you don't make any changes with a cold light when going from format to format.
Google the term "Callier Effect" and you will find discussions on Photo.net.
Someone chime in if I am off anywhere here.