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Feanor,
In my humble opinion, Bilbo Baggins did not get any 'gifts' from the ring other than unusually long life because his heart did not desire it. He was a simple man (or hobbit rather) and he was not concerned with glory or fame.
I believe that the powers of "perverting" the bearer's soul asociated with the ring were related to the "unconscious desires" of the bearer rather than what they consciously wanted. When Frodo offers the ring to Galadriel, she says that with it she would become a powerful queen, so terribly beautiful that everyone would stand in awe of her. I think this is in a way a hidden desire of hers. Instant gratification in contrast with hard work. She is able to reject the tempation of instant gratification (the ring) and therefore she shows a lot of strenght of character, yet Frodo had no such desires and therefore he was given no such gifts.
I hope that was clear, let me know if it was not =)
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