I am running the latest build (2134) - and hot_exit and remember_open_files (both set to false) does not seem to have an effect. I am on Lion.
In the command line, when I open up my project using "subl ." in my project folder - it opens up the last project I had open before I quit Sublime.
If I look in the Window menu - I can see all the previous projects/files I had opened in the past
II have the Max Preference "Restore windows when quitting" unchecked.