In hindsight (for it has been many years since I read that chapter "fresh", not knowing how it would end), I always took Elrond's words as a hint that Frodo and Bilbo would not be separated, and that when Frodo finally accepted that he could no longer live in the Shire, that Bilbo would leave Middle-earth with him.
I did see some hints in others replies that Bilbo and Frodo are not fated to die ("...his current body"). I feel it's necessary to remind people that these characters are never granted immortality. They are in Tol Eressa, not The Undying Lands. So yes, Bilbo has one more "journey" to make after he leaves the shores of M-E, but I doubt that Elrond was referring to it. Elves have no idea what happens to Men after they die - not even Elrond. So I doubt that he was making any reference to what we, the readers, might think of as "a final journey".
[ March 09, 2003: Message edited by: Birdland ]
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