It depends on how cold is "cold". I dive with my Atomic T1 in the Pacific Northwest, where the water is typically 48 to 52 degrees F., and it functions perfectly. The T1 did not ship initially with a sealed first stage, but can be retrofitted for $50 dollars or so by an Atomic certified LDS. The T2 and M1 both have their 1st stages environmentally sealed, and the B2, Z2, and any previous model Atomic reg can have the seal kit installed if you want it. I was told by my LDS that the cold water seal kit consists of a new plastic collar piece for the 1st stage and a bunch of silicone grease, which is squirted into the 1st stage chamber. That's it. It's useful for ice diving or for diving in cesspools, mud puddles, and vats of Campell's Soup. Unless a person is diving really cold water or is diving in nasty, chunky water, the unsealed first stage will do fine. Just remember to rinse it out after your dive and Bob's your uncle.
Cheers,
Sadamune