This week, we brewed an American Stout using the cold extract method for all the dark grains. We ended up with something a bit closer to a Porter, and didn't account for the dilution of the extracts in the final wort.
http://www.klaserhausen.com/cabin-fever/ Before brewing, we compared hot steep grains to cold steeped grains. We tasted both raw wort, and wort mixed in Guinness, and we preferred the cold steep overwhelmingly in all cases. The cold steep was less astringent and had a deeper, more rounded roast/chocolate/coffee flavor. We steeped at a ratio of 1 qt/lb.
We cold steeped all the dark grains in this beer at room temperature, overnight.
11 lbs. US Pale 2-row
1 lb. White Wheat
1 lb. Roasted Barley (cold steeped overnight)
0.5 lb. Black Patent Malt (cold steeped overnight)
0.5 lb. Chocolate 6-row malt (cold steeped overnight)
Mash at 122° for 20 min, raise to 153° for 40 min, mashout at 168° for 10 min
Boil for 60 minutes
7.5mL CO2 hop extract boil for 60 minutes
1 oz each of Calypso (15.6% AA) and Belma (9.8% AA) @ flameout, steep 10 min
WLP090 San Diego Super, 850mL starter
OG: 1.052 FG: 1.014 ABV: 5.0% IBU: 59 Color: 41 SRM (calculated, observed closer to ~25 SRM)
Fermentation Temp: 65-68°
The resulting beer was a little diluted, as we failed to correct for the additional volume of all the cold steep extracts added late in the boil, which diluted the beer, making it a bit thinner and paler (though still technically dark enough) than we wanted it. I wonder also if my hop utilization was all a little thrown off by adding almost 1.5 gallons of extra water at the end of the boil.... All in all, a good technique as long as you adjust accordingly.