I have got to run to class here in a moment so I'll make it short and sweet.
Bilbo- a nobody who is found by destiny to go on a great journey (the greatest journey in my mind) and unintentionally finds the greatest evil in the world and keeps it from being found by the enemy. He is the forerunner of the great Ring bearer. Over all a delightful character.
Maedhros- an alright character, he was still foolish to follow his fathers example. Overall, not much a character, and is grossely overated because he lost his poor little hand.
++Bilbo