Its a shame to let this topic become another blue flag debate. That one is pretty much resolved: the blue flag rule is very easy to understand, so attempting to race an overtaking car when you're a lap down, or conversely, spamming "blue flag" and expecting clear passage are all the actions of a moron. End of story.
I find the original topic much more engaging.... Hotlapping is a discipline all its own. The speed skating of motorsports??
OK, I won't go there... But perhaps the activity of finding the line, adjusting the setup, adjusting the line, just concentrating really carefully on the minutiae makes it the "soul surfing" of motorsports...
Perhaps thats too Romantic though... In real life, there are an infinite number of influences that mean you never really do the same lap twice, a fact that makes consistency even more amazing. A simulation is programmed with a finite number of details, so quite conceivably a hotlapper is programming him/herself to twitch at the appropriate moment on every lap.
I'm with whoever said it above; if someone can get up to speed in any combo, I'm impressed. If someone is doing 1:40.XX on AS3/GTR every night of the week, every week, I'm in "whatever" mode...