I think that you must always remember that Elves are inherently more powerful than Hobbits and men. In the Silm the elves didn't manage to defeat Melkor on their own, as someone else in this thread said, Only Beren an Luthien made a dent in Morgoth's power. It was only through a unified effort of Elves and Men that they accomplished something.
If we go to LotR we see that a Hobbit, a being far less powerful than Elves, actually destroyed Sauron. I think that when you compare the stories in the Silm to LotR that it makes Frodo's journey and accomplishement only greater.
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