Aside from a few nitpicks, I actually like the look of these goblins quite a bit.
I like the bugbear's feet. They look a bit bearish, which is a nice touch. It could stand to look bit bulkier, with a less cat-like face. Also I think its gear should look a bit more scavenged. Well...I guess that depends on if they are working for someone else that can provide quality weapons and armor (like hobgoblins).
With the exception of the muttonchops I dig the hobgoblin, but then not much has changed from previous iterations. They look more civilized than their cousins, and the equipment has its own distinct look.
The goblin looks a bit wilier, and more distinct from what I envision an orc looking like than the first one. Like the bugbear I think the gear could stand to look more scavenged, though I would go a bit further and make it look somewhat cobbled.