Sorry to ramble on
This is a great read. Perhaps a bit lacking in the ways you pointed out but a fitting and unavoidable encounter.
My favourite page is the one where Hobgoblin realises Norman already knows the identity of their enemy. They're both being smart, and Norman enjoys the hell out of being "better", both in power and in the history of battling (both physically and mentally) with Spidey. But it's important to remember that just because their agendas have been different or that Hobby's not the one on top in that scene, that doesn't diminsih the character one bit. And Hobgoblin is willing to forego any pride in order to do what is practical, getting in the ever dangerous Normans good graces, and learning the identity of Spidey.
This is my favourite trait of Hobby and really why I love him. He's not crazy, he's not incredibly vain, and he's not stupid. He's competent. He gets what he wants in the most effective matter, whether this be by manipulating, corporate take overs or personal fisticuffs. And if he doesn't get it, well that sucks, but let's go on, try another way, or continue unto the next goal. Credit usually doesn't matter, and his default mode is not to take things personally. That page also acknolodges that the both of the goblins have been some of Spideys worst enemies, just in different ways. Normans claim is largely a mindfuck-one.
The shot of Hobbys manacles being crushed is very dynamic and hits home for me just how strong these guys are.
I do hope they don't bring back Hobby just to use him as a fodder for Osborn. Or even kill him. That would be such a waste of a great character. I'm not ruling out like you suggested, Hobby returning for the downfall of Osborn. It could be a pretty great storyline too if during this whole Dark Reign thing Norman goes after Roddy. He has the resources and could go on about how they can't let a dangerous superhuman criminal loose, no doubt adding more to Roddys records than what's actually true. Norman could implicate Roddy of serial killings om american ambassadors or something that Roddy would consider a bit beneath him (Roddy does kill if he has to, but really he's practical about it, and I think maybe he'd see a limit somewhere). Norman sends his thugs after him, and the hunt is on. Roddy manages to hold his own for a while and gets in some decent shots at Thunderbolts or whoever Normans using but is ultimately defeated. Norman would want to gloat obviously. Face to face, Roddy escapes, a bit of a fight man-to-man against Norman, but flees and gathering strength and maybe starts up a guerilla war against Osborn. And really if they want to, they could leave it at that. I realise that the downfall of Osborn is probably reserved for others so it would be unrealistic to expect Hobby to be too significant in that, but he should get a bit part. The way things are right now they cannot meet as equals. But hey we all know Norman's been battier these days, so him taking on the actual goblin suit is not totally unthinkable, once his control has slipped through his fingers. It could be fun if, after Norman has been defeated by heroes or whoever, he retreats to his office, knowing he's been beaten, his official powers taken from him, having been exposed, and he does all he can do, goblin ups only to find Hobgoblin there waiting for him. That could be a nice little prolouge or coda or whatever.
I do think Hobby is my favourite Spidey villain of all time, and Stern is obviously the one to thank.