I really enjoy reading this chapter. Not only because "finally" we see different sides of Middle- Earth (For my part though, The Shire, is quite perfect
)but also because we get to meet new characters.
Gildor is such a great "introduction" to the elves, after my opinion. Well, if you have read the Silmarillion, (and the Hobbit for that matter) you kind of have some "background information", but otherwise I think the song and just the meeting itself is a wonderful read.
As for comparing Bilbo's adventure with Frodo's adventure; I don't really put that much into it. Part of it, after my opinion, because it was two completely different adventures. Bilbo didn't get a "quest" that depended on
him alone. As if that wasn't enough, he got some merry dwarves to follow him. Frodo however was quite alone, until Sam joined him. Sam probably wouldn't have joined him if it wasn't for Gandalf (Who found that naughty Hobbit outside Master Frodo's window.
) (Then of course, later, the Fellowship).
I also think that Bilbo's was much more aware of the whole "adventure" in itself. He had no heavy burden such as the Ring. Not did he have any expectations to "save Middle-Earth." While thinking about that, I would say that Frodo's and Bilbos' adventures are in completely different genres. Although, some similarities can be found such as small details, but it doesn't really have much to do with the adventure itself.
Funny though, two Bagginses out to find some adventure which is extremely rare for their kind - None of them too willingly though.