OK, I'll stick in my two cents...one thing I've always loved about the first chapter is how it is, to pretty great extent, written from the hobbits' perspective. We really get a feel for how they like their comfort, their familiar country, and how by nature they dislike change and "adventure". It sets up the next part of the story, so that in a way, we are, like Gandalf, surprised at how quickly they can make up their minds and act when they really need to.
I like how the Hobbits explain away anyone who likes adventure as being unduly influenced by Took blood.