I should preface this with the fact that I'm on cold meds:
IMO, while the Green Golblin stories were almost always driven by the question "Who IS the Green Goblin??" Hobby was a great villain divorced of the mystery of his secret identity. (Perhaps because of the muffling of the story of its initial revelation biases me, or just the general disillusionment of finally learning the secret of the mystery, but I think Hobgoblin would be an even better character if it just plain didn't matter what his secret ID was). I mean, here, Hobgoblin is the main foe for 3 straight issues . . . and except for pretty much the very beginning (to introduce him) and the very end (to show there's still no closure), it's not "Who IS Hobgoblin" that drives the story, but his plan and menace.