What Will Happen to Existing Hotspots?
The current generation of hotspots will work just fine with no disadvantages. As the Light Hotspot project moves from beta all the way through to milestone 4, certain features will be disabled. Most notably, in milestone 2, all consensus activities will shift to the validator mainnet.
Hotspots will not become less valuable and, based on the information available, there is no evidence that existing hotspots will be considered inferior to future generations.