Big Nose lets him be, because there's no real threat at the moment. Within the Wee Free Men a big nose counts and Big Nose is no match for the other bosses. You can see Wee Dangerous spike trying to lead two Night Goblin gang members into battle ( if they don't fight amongst themselves that is).
Wee Dangerous Spike carries a sword and a shield into battle (and his trusty dagger to fight dirty). He already has some experience in previous battles and is now one of the quicker goblins in the warband with an enhanced initiative.
