NR.OBSERVE doesn't reject the wrong number of arguments when in a MULTI. Here I'm running NR.OBSERVE with no arguments.
> MULTI
OK
> NR.OBSERVE
QUEUED
> NR.OBSERVE
QUEUED
> EXEC
1) (error) ERR wrong number of arguments for 'nr.observe' command
2) (error) ERR wrong number of arguments for 'nr.observe' command
I would expect that if you run NR.OBSERVE you would receive an immediate error and/or trigger an EXECABORT when running the EXEC command.