While Stern has stated that Kingsley was always intended to be the Hobgoblin and that Marvel shoehorned Ned in, after the fact. I found that Hobgoblin Lives, despite solid writing and beautiful artwork, was a huge disappointment. Whether it was the fact that I couldn't even remember Kingsley as a supporting character or that the damage had been done with Ned having been exposed and accepted... or both, I would have been more accepting, had they left it the way that it was, or had the reveal been someone else. Kingsley was a huge disappointment for me.
The main thing was that it took way too long to correct the damage of Ned Leeds being shoehorned in.
The saga of the Hobgoblin should stand as an example to all writers that if you are going to make a new mystery villain to have the plan to out them in place, candidate to be the villain chosen, and to make sure that if you leave the story before hand that things will still happen the way you designed it.