A Cold Reception is very similar to most default worlds with a few exceptions. Resources tend to be a little bit more scarce and one particularly resource is likely to be very rare. In addition, the weather is generally not favorable with frequent rain/snow and rapidly changing seasons that will cause several days in a row of shorter days, hindering your ability to search.
At least one item will be on an island with a land bridge connecting it to the mainland. This bridge will be protected by Pig Guardians which will attack on sight. You may be able to burn your way across the bridge if there are some wooden structures or plants which will make it much easier.
Feel free to Prototype as much as you like but remember that you can only bring four items with you to the next world so don't go overboard collecting items. Make sure that you can sustain your food and wood levels before setting off. Try to find items to help with your Sanity, particularly silk. Silk can be used both for clothing to increase sanity and for Umbrella to protect you from rain sanity loss.