Well, I don't tend to get phsycially aroused from reading, but I like the word hot to describe well-written, interesting sex that I find appealing. So I don't really see it as any different to me saying I found a fic funny, but I never laughed or smiled. Just because it didn't provoke a physical response doesn't mean I didn't appreciate it.

Anyway, I also meant to add before that I actually was in fandom for many years before I realised people actually jerked off reading fanfic, so!