Numerous Spidey fans consider it a mistake to bring the Hobgoblin on the stage before the original and badder Green Goblin. It is too late to change things now, but no matter if it was a mistake or not, it was one of the best things that could have happened to this show.
First of all, the Hobgoblin's design was awesome, and the great animation the first few episodes had was back. With an impressive arsenal of weapons, a brilliant voice actor and a design this good, the Hobgoblin was probably the best animated villain on the show. Plus, his appearance on the show will lead to numerous sub plots, including the long-awaited appearance of the Green Goblin on the show, much later, as well as a fantastic Goblin War.
This episode was a good one, both animation wise and story wise. Having the Kingpin involved with the Hobgoblin and his conflict with Osborn was a brilliant move. All this will lead to most of the major events which will occur all throughout the show. The sub plot of the Peter saving Wilson Fisk (the Kingpin, but Peter doesn't know that yet) will be re-visited much later on the show. Almost everything that happened in this episode will be useful for later stories. The fight between Spidey and the Hobgoblin was simply outstanding. The animation once again shined, as it used to. All the explosions featured in this episode were breath taking. Having Aunt May in a coma because of the Hobgoblin's attack was a nice move, as it helped develop Peter's character. If the Hobgoblin wasn't after Spidey, his Aunt May wouldn't have been in danger now. He is determined to stop the Hobgoblin, and finds him at OsCorp, plotting with Osborn how to double-cross Fisk.
The episode ends with a cliffhanger, but the next episode seems promising enough. After a prologue like this one, the next episode will feature the fight between Spidey and the Hobgoblin. Overall, this episode had it all. The animation was good, the voice acting was great, and the story was brilliant.