With better surface characteristics than hot rolled steel, it's no surprise that cold rolled steel is often used for more technically precise applications, or where aesthetics are important. But due to the additional processing for cold finished products, they come at a higher price.
In terms of physical characteristics, cold rolled steels are typically harder and stronger than standard hot rolled steels. As the metal is shaped at the lower temperatures, the steel's hardness, resistance against tension breaking, and resistance against deformation are all increased due to work hardening.
These additional treatments, however, can also create internal stress within the material. This can cause unpredictable warping if the steel is not stress relieved prior to cutting, grinding, or welding.