No, it works best with formation ranks. You attack with your melee weapon when your target is having to deal with an ally of yours also next to them. That's part of formation fighting. It's a BIG part of it. Works even better with a polearm from rank 2, but works fine from rank 1, or even for your archer ranks once the front line has closed.
Lord, no.
It works best when a small group of Hobgoblins stand way at the back and use an ally to engage the party. The skirmishers go as defensive as they can and let the Hob rain hell down from long range. Getting into melee in contra-indicated since it is more likely you'll be targeted as a major damage dealer.
One Hobgoblin and say 2-3 goblins can ruin a lot of parties' days that way.