Those are "fighting words"!
It's interesting that my own experience was so completely different than your own. I first read The Hobbit long years ago (at about 12 years old) and absolutely loved it. In fact, it was reading The Hobbit that led me to search for more material by Tolkien. By the mid sixties, I stumbled onto first the Ace and then the Ballentine paperback editions, both of which I still own.
On several occasions I have heard other posters on this site express their frustration with the early chapters of Lord of the Rings along with The Hobbit itself. I've also heard some folk say that the character of Bilbo frustrates them with his "littleness". Yet the early chapters of LotR are among my personal favorites. Go figure?! What makes one person's favorite another person's headache? I have no idea.
I will say this. The Hobbit has a curious mixture of elements typical of a children's book mixed in with other themes and symbols that are much more adult. It's easy to get fixed on the intrusive narrator voice, the seemingly child-like characters, or the obvious discrepencies between The Hobbit and the Lord of the Rings. Yet there is a great deal more to the story than this.
Like many "classic" children's tales, The Hobbit is a story of growth and development. The Bilbo and the Dwarves of the final chapters of the book have changed greatly from what they were in the beginning. We see Bilbo evolve from a hobbit wholly concerned with tea and pocket handkerchiefs to assume the role of leader and peacemaker. In giving up the Arkenstone, Bilbo steps to another level. Moreover, even though Tolkien did not realize it at the time, this act of renunciation is a foreshadowing of the later scene where Bilbo is able to give up the Ring. If I have one "gripe", it is that there is a general tendency among readers of LotR to downplay what Bilbo did. In a Shire gripped by conformity, he was the first to break through the sameness: to assert his individual likes and dislikes, passing tales on to the youngsters. Believe me....it is never easy to be first. People who come later have no idea what you've faced and only complain that you didn't accomplish more!
I find these changes in Bilbo both interesting and endearing. And however "silly" the Elves may be in certain portions of the book, the final battle and their part in it is a more serious matter. Elrond lends a grace to the story, and I was always taken with Rivendell. Nor do I find the dwarves so "bumbly" after several of them give up their lives fighting for what they believe.
We've had previous discussions about the role of archetypes in reference to Lord of the Rings. In reality, The Hobbit lends itself more easily to such an interpretation. Gandalf, for example, is alternately the trickster and the wise old man. Bilbo similarly experiences a symbolic rebirth by descending into the cave of the goblins. In fact there are three descents into the "underworld": Gollum's cave; the realm of the wood Elves; and the descent into Smaug's hoard. In each case, Bilbo emerges older and wiser.
I personally don't feel that The Hobbit is similar to The Lost Tales. For one thing, the Hobbit has a humor that is lacking in Lost Tales and from most of Tolkien's earlier writing. Lost Tales grew out of the experiences that Tolkien had in the trenches of World War I. (On this, see John Garth's book.) By contrast, the Hobbit grew out of his personal experiences as a father. And needless to say, without The Hobbit, there would be no Lord of the Rings. Until that point, the critical link in Tolkien's writing was missing, and that link was the creation of hobbits. To be frank, I love the Silmarillion but find much of it somewhat depressing. With the exception of Earendil and Luthien/Beren, there are too few moments of eucatastrophe. I have a fondness for the tale of Numenor, but that was not developed till after the LotR was written, and hence also owes a debt back to The Hobbit.
My one regret is that we've never had a serious discussion on the Downs about The Hobbit. I think there is a lot to be mined there that is often overlooked. (Hint, hint...somebody start a thread.
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One last personal observation.... The Hobbit is a book that is perhaps best read out loud. It was only after reading it to my young daughter that I caught many of the humerous glimpses and best appreciated the tale as a whole. Perhaps, that shouldn't be surprising since Tolkien himself actually wrote and tested the story with his own children in mind. I will agree that The Hobbit is primarily a children's book, and Tolkien had not yet evolved to his full abilities as a writer. Yet, it was a vital link in this development and, without it, this website and the LotR would simply not exist.
Rant over....
