LMI's white glue dries to nearly the hardness of hot hide glue and has the convenience of Titebond and it's sold specifically as having low cold creep. We use it in a lot of joints in our acoustic-electric instruments where the reversability issue is lower and tonal issues are not so great.
But there is yet another reason to use hot hide glue...it sands so well. We do all of our center seams with HHG because when sanding it, it does not gum up the expensive wide belt sander belts. That's reason enough to use it...it saves money at about $60.00 per belt.
Still and all, though, why would one choose to use T-2 or T-3 over T-1 even anywhere on a "fine" instrument given the probable issues? Cost? No. Convenience? No. Appropriate use of the right adhesive in the right application? No... The use of T-2 or T-3 is just not logical if you think about ALL of the properties needed in a luthier's glue. Strength is but one factor here, and enough is enough. Heat resistance is another, and HHG does better than any T glue in that department. And for poorly fitted joints and wet climates, humidity is another, and yes, a nice gap filling glue might be best...so think epoxy. Reversability is an issue; HHG is great there, and the T-glues can come apart with heat (as can epoxy). The ability to repair slightly separated seams, braces, etc. is another for a repairman; and HHG has it all over any T-glue there...and over LMI white. And then there's the biggie...the one that is so hard to prove, but gets so much attention from some really good and experienced luthiers...the acoustic properties. I'm going with HHG with LMI white being second on the list.
I think you have to rate any glue on a list of properties to decide it's appropriateness. Then you might even weight the list depending on your taste and clients and depending on where in the instrument the joint is. Hence I choose epoxy for fingerboards to necks, but HHG for center seams on tops and backs on all bookmatched parts. And for acoustic guitars, if there's a chance in hell that HHG will help make for a better sounding box, I'm using it. It's just not that difficult, and there are all the other good reasons.
And then...to be honest...with Martin charging a $1,500.00 upcharge for guitars fully assembled with HHG and Santa Cruz and Collings getting up-charges for HHG instruments, there's a fantastic economic reason to build with HHG and to promote that fact. Bragging rights can = $$$, and it's hard enough being a professional luthier these days without having some tricks that can distinguish your ukes or guitars from Taylor or Larrivee or Yamaha or whomever. Yes, there's a bottom line...you can charge more for HHG. Everyone else does.
Finally, if you are going to do ethical repair work on pre-1960 (or so) instruments, you're going to have to use HHG. There are standards for working on vintage and antique instruments, and period appropriate materials is at the top of the list. I just taught my 16 year old son how to use HHG repairing seams in an early 1920s banjo-uke. He got it instantly, loved it, and now wants a glue pot for Christmas!