In the book the combined birthdays were used to introduce some of the main characters, as well as some interesting background about Hobbit "culture". It does not really have any effect on the plot, though.
In a movie, you are relying more on visual images to get across the the point of the story. (Ever sat through a bad movie that relied on an lot of exposition to explain what's going on?)
The scene was fine as Jackson did it. Colorful, fun, and a great introduction of the main characters and hobbits in general.
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