[Dancing_Hobbit]

Then, of course, there is the simple factor of affection. Bilbo was a kind, simple, good person. By the time he went to Rivendell he was open minded, interested in learning, creative, and unconcieted. In short he was the kind of person (or hobbit) that elves would understand, respect, and like. For the hobbits he was a sort of beloved old uncle who told good stories and gave good presents. They had grown up looking up to him and hero-worshiping him for his adventures, and that sort of ingrained view of someone doesn't change quickley or easily. Bilbo was entirely lovable even appart from all of his accomplishments, thus he was love and respected for himself as well as for them.