I think you're right on the money. It is definitely a transitionary chapter. Part of the reason for this is that the Hobbit was written for children, specifically one of Tolkien's young relatives (I can't remember which one). To a degree, the first chapter of LOTR reflects a similar style to the Hobbit because Tolkien was still writing with a child audience in mind, and the beginning of the story is therefore light and "hobbity" as you metioned.
Oh yes, could I also be added to the list? Thanks!
(I'm a late-comer, but here goes...) Tolkein actually wrote the early chapters of LOTR for his son, who was in Africa. The Hobbit, I believe, was written as an experiment, more or less to see if it was "readable".
It's been a long time since I did any research on the man, so my memory may be faulty. Please correct me (ANYbody!) if I'm wrong!