Hobgoblins, Hobby Horses, and Bogo-Etymology

The word "hobgoblin" came up today (along with a variety of other "hob" words) and I was wondering about its origin.

From the OED:

"1. A mischievous, tricksy imp or sprite; another name for Puck or Robin Goodfellow; hence a terrifying apparition, a bogy."

"[f. Hob (sb1, 2. a. Robin Goodfellow or Puck; a hobgoblin, sprite, elf (see also hob-thrush) 2. b. Phr. to play hob: 'to play the devil', work mischief. ...) + Goblin]"

Apparently "Hob" itself is a form of Rob, Robin and Robert; thus, Robin Goodfellow, (a.k.a. Puck) is a hob-goblin. And "Hobby horse" (see section called 'origin of the term') and the shortened version "hobby" are also akin. The OED seems to hint that the horses were also derived from the name "Robin," but that might be what I like to call "bogo-etymology."

bogo-etymology: n. [from bogus (obsolete argot bogus counterfeit money) + Middle English ethimologie, from Anglo-French, from Latin etymologia, from Greek, from etymon + -logia -logy] 1. Attempts to create genuine historical origins for words by using faulty inference, neologisms, non-historical context, or wishful thinking. [Editors Note: Definition 2 of "neologism" does not apply to the creation of this word, by the current author.]

So, what do you get when you race a hobby horse against a bob-tail nag? Well, I don't know, but somebody bet on the grey.

Okay, okay ... back to the tangent at hand. We've come around to something interesting, at last! Some much needed context to this famous little aphorism:

"A foolish consistency is the hobgoblin of little minds."

-- Ralph Waldo Emerson, "Self Reliance"

What do you think he meant by that?