Actually, no, Rondo (as a dwarf) doesn't speak Hobgoblin. Just Common, Dwarven, Gnome, Kobold, and Goblin. He can't get a clear shot either as he's behind everyone else, having been the leader down the path the other way.
Round 1 - Hobgoblins are surprised, Party gets initiative.
Kurik, Bertrem, Cugel, and Si'Nat let fly with their assorted missile weapons. Amazingly, their volley either flies wide or fails to penetrate the hobgoblins armor.
Patrick murmurs the words to the Sleep spell and has more success - four of the hobgoblins collapse in slumber.
Round 2 - Hobgoblins have initiative.
Stunned by the loss of more than half their party, the remaining two hobgoblins turn and flee back up the path.