the way the buckets work in 4.0 and later, is that data that belongs close together and is real time is put in one bucket. If then you add a data input that is old, then this will be put in a different bucket. This is so, in order to not have huge spans for buckets, so that searching is a lot more efficient.
Having maxhotbuckets =1, you basically are placing all data, historic, or real time, into one bucket, and hence could cause your splunk instance to waste time in searches.
If you set it to, say, 5 then the real data will be in one bucket, and depending on time of events, historical data will be placed in different buckets.
If data is all real time, and no historical data is coming in, i would assume that you will only see one hot bucket at a time. However, if for example you have an event where the time doesnt get extracted correctly, you might end up with reading a wrong/different time, and as such you could have a second bucket pop up...
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