[Kath]

I think this chapter does stand out as being pivotal more because of our knowledge of later events. For Bilbo, however, even without the prior knowledge of everything the Ring is and the things that happen as a result of him finding it, it is still an important moment for him. As a result of gaining the Ring he escapes the goblin cave - a feat that would have been largely impossible without it! So Bilbo is going to feel pretty attached to that Ring as to his view it's pretty much saved his life.

From now on he's got a safety blanket in a way as well. Not for adventures like being stuck in a tree and slowly roasted perhaps, but in most of his future adventures knowing he has the Ring must then be a comforting thought and encourage him to be braver. Bilbo clearly becomes a much stronger individual through the book, and while that will be due to being away from home and thrust into strange situations, I think the Ring also has this positive effect.