What is the difference between Hangout, Hot and New?

Three ways into the same posts:

• Hangout — the general feed, with a Following tab that narrows it to people you follow.
• Hot — posts getting the most attention at the moment.
• New — everything as it is posted, newest first.

Each club has its own Hot and New as well, so you can read one club closely without leaving the rest of the site switched on.