hotplug is only used on 2.4 kernels, udev is used for 2.6. As Slackware 11 is still shipping with both 2.4 and 2.6, both are included. The system will only use whatever is appropriate for your kernel, by checking the running version during bootup.
In any event, Slackware will no longer include a 2.4 kernel from this point on, so you might as well just ignore hotplug anyway; it is a thing of the past.
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