I just recently re-read The Hobbit after many years, and one of the things I appreciated about it now is the fact that Bilbo has to use his wits throughout the book, not just to save his own life, but to actually avert a war between the Elves and the Dwarves.
Being the smallest of the races, I'm sure Hobbits had to develop the ability to "think their way" out of a number of deadly situations. Bilbo demonstrates this talent admirably throughout the Hobbit.
And he seems to be one of the few characters to see the "big picture." He does his best, not to help Thorin hold his place on the mountain, but to keep the races of Dwarves, Elves, and Men from starting a ill-conceived war over treasure, which would have led to disaster for them all, particularly since the real enemies, (goblins and Dragon) would have annihilated them all while they were bickering over the gold.
This is a very "adult" lesson to learn from a children's book.
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