Some very excellent points Hookbill. I also think Bilbo and Frodo are treated as such (especially Bilbo) is because not only do they have treasure but they are living legends. The tasks that Biblo did with the drawves have probably been so blow out of proportion by now that he is kind of reverd as a local (for lack of a better word) deity.
Since we are talking about hobbits in this chapter I realized that Pippin wasn't nearly as...stupid as the movie made him out to be. He actually has some intelligence in the book. I think I like the book version of him better because he has more depth. The curiousity is still there but there is also a brain.