I struggled quite a bit with this one, because understanding the components of hot reloading was very difficult. There are a lot of explanations out there that are light on details, or just downright wrong.
It's no secret that I love jspm. I think it does everything right. I think Webpack requires far too much configuration. jspm is also much more standards-oriented, so I expect the patterns I learn and develop to last much longer, which is something I sorely need in JavaScript development.
I've been tinkering with React a lot lately; I am really loving it. Since I still believe that jspm offers a better development and bundling experience than WebPack (unless you need hot module reloading), I spend some time this week getting a solid project template down for React and jspm.
jspm is a new package manager for JavaScript fornt-ends that comes with a universal module loading system. It integrates nicely with npm by adding a jspm property to the package.json that specifies what the jspm dependencies are. Mine looks like this: