Personally I think that Jacob has the "hots" for Bella. He is definitely attracted to her. Just like every other guy in Forks, he finds her fascinating... he just can't seem to hold back his feelings for her even though he knows she is in amor with another guy.
For Edward though, I believe that it is something mucher deeper than the "hots", because if it wasn't, he wouldn't keep refusing to satisfy Bella's insatiable lust for him... she want to have sex and he's holding back. If he had the hots for her, it would have happened already.
Edward is attracted to Bella in a different way. It's her scent that drew him in, and then the fact that he cannot hear her mind that drew him closer. He loves her because he cannot help himself; not because he has the hots for her like an ordinary guy.
