This is the best episode of Mystery Science Theater 3000, in my personal opinion.
The movie itself is just sooo bad that you can hardly believe it. The host segments are wonderful, especially the first one, which turns the adorable knob up to eleven. And the hobgoblins themselves, which are apparently supposed to be scary, are actually pretty adorable themselves, and completely impossible to take seriously.
Yes, I would have a hobgoblin as a pet. I admit it! They're just too naughty!