Im pretty sure notch hinted at something like this, but heres what I think about it. They should be small dirt (or sand) or another easily made house, and it should contain a chest in at least one house. The goblins should carry wood/stone swords or bows and arrows, also maybe leather. It should be a great challenge to just run in there and kill everybody, you could do something clever like pour lava over them, but I think the primary use of the villages should be group raids for multiplayer servers. It would be the coolest thing to get with a group of people and raid goblins in a sort of battle. After getting rid of the people, they shouldn't return, but they would still spawn randomly on already explored terrain so you wouldn't have to run a far distance and make your file that much bigger.
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Creeper Jockeys, Because Screw Your Sense of Safety
Goblin Villages