Without being insulting, I can't help but feel that the Hobgoblin was an earlier variation of the Red Hulk. I mean, new spin on old character...more intelligent and sadistic...strange mystery over identity...re-colouring of a traditionally green look...it's all there!
I firmly believe Kingsley was and is sane from that DeFalco story which was his last appearance...I just loved that when in a room with Osborn, Norman is thinking of manipulating Kingsley to his will and Kingsley is simply thinking "Holy Shit! He's Nuts!". Plus, there's the fact that he appears to be the only supervillain who took the money and ran, keeping out of trouble for, what is it, a decade and a half now?