Warning: Spoiler! (Click to show)
if he had the blade and it was that close to his prior encounter (in the book, they are weeks apart), he might immediately go for the kill. Now he won't have any weapons and will just cower.
Damn, I'm fired up to see Coldhands.
I'm wondering how they will handle his appearance. Given the hypotheses that he is Benjen Stark, I wonder if they will cover his face so we can't tell. If not, this could be a rare case of the show resolving questions from the books.