QUOTE(Harimau @ Feb 7 2008, 01:27 AM)

So like, how does this help promote the game?
I know and you know, that merchandise is only for fans.
Yes, the merchandise would be primarily for fans. As already stated, these fans would advertise NS to their friends and in the process increase exposure of the game. It's unclear how much the merchandise would help promote the game, although the effect would certainly be positive.
QUOTE
Nah. doesn't really work. Has the negative effect, actually.
Just this evening I saw this guy wearing a headcrab plushie-hat and I just thought, involuntarily, "...loser."
Game merchandise is very.. geeky. And geekiness doesn't sell - except only to other geeks.
Your example doesn't support the idea of a negative effect of merchandise. It would support your claim if your thought was something like: "what a loser; losers play HL2; i won't play that game because i'm not like them." So far you are simply stating your negativity against geeks. And if more geeks buy the game, (without turning off other buyers) it would be a success.
I hope you, like most people, judged HL2 based on how good a game it is (using reviews, critics' score, friends' suggestions) and not based on some people's attire. I would expect the same for NS2. Having said that, plush toys and other merchandise would expose the game, so more people will give it a chance once it's released by reading its reviews and consider buying it.
I guess your fear is that because of plush toys NS2 would be regarded as a "geeky game" and that image would turn off players - this is very unlikely, because:
1) I'm not aware of any game that suffered from being perceived as "geeky" (as you know, HL2 is doing quite well)
2) Plush toys are unlikely to make the game to be perceived as geeky.
As far as: are plush toys cool or geeky? - depends on the person: geeks think they're cool; "cool" kids think they're geeky.
In conclusion: I doubt that the merchandise will be a big deal. I see making merchandise available as a service to the fans; plus, it gives fans a chance to support the game.