My only realistic beef with Hobbs is that he plays too far of the receiver on short third downs. He's ripe for the pickings for one of those quick drop lauches the Pats do.
I keep expecting teams to throw it, but they never do.
Other than that minor gripe, he's fine. He's a willing and able tackler. He gives up yards, but rarely gets burned. He has given up a couple of blown red-zone TDs, but he isn't 2002 Champ Bailey. He always seems to lose concentration for a few plays or a series but, as someone said before, he doesn't lack for confidence and recovers. Confidence is almost as important as skill at CB. His timing in breaking up plays could be better, but he also doesn't get faked easily on double moves or react too quickly (jump routes incorrectly).
Even before his 108er, I thought he was electric on returns, though he seems to be developing tunnel vision.
As a #2, he's more than anyone could ask for, really. To break down every major +/- individually, (as I see) it would take forever and would prolly bore people. To me, his main job is to not get burned deep. He rarely does.