I am undecided about the guilt of the WM3. I certainly haven't ruled them out.
My understanding is that Hobbs was in possession of his stepson's pocket knife after the murders—a knife that the boy never went anywhere without. If that's true, I'd like to hear Hobbs's explanation.
I remember hearing that somewhere, but the wounds on the boys weren't made from a pocket knife it was something much larger. I think what you are getting at is if Stevie never went anywhere without it, why does it show up on Terry's person the day his stepson goes missing and turns up murdered, correct?
If so, I would like to hear it too. It's possible that Stevie just forgot it that day because he was so excited to go out and play with Chris & Michael. Or it's possible Terry took it for some other reason when he went to work and Stevie never had it that day. Personally I don't think it means much, but like you said, if Stevie always had it with him, then there should be an explanation for why he didn't have it that day.
In the end for me though, when I think about this logically, all roads lead back to the WM3. I can put others in places at times that day that give them such a limited window to even attempt to commit this crime but can't for the WM3. I've heard the alibi's of Damien's about he was on the phone with girls which has been proven to be true...hours after the murders occurred.
He has no girl he says he was on the phone with during the time of the murders corroborate this and several outright said they talked to him but well after the time the murders are believed to have happened. His lawyers also did not introduce any phone records at trial showing he was on the phone with anyone, nor have any of his appellate lawyers or lawyers today. Damien has access to some of the top criminal defense talent in the country. If there were a provable way to show he was on the phone with girls that night, it would've been introduced by now. He's also stupid for trying to lie about that because records can prove it one way or the other.
When you look at the evidence - albeit circumstantial - in totality, I can't come to any other conclusion than the WM3 did it. However, as I said I do keep a door always open in case new evidence is brought to light.