Comic relief? Perhaps if character development wasn't such an important subject in an epic, then yes. However I see Pippin's role as an allusion for...say morality -- hence the example of the palantir etc. He is an honest fool, is he not? And by being that his character does not necessarily become ambiguous because he is a comical fool...The serious part comes from the danger he is in like symestreem said.
Pippin has many great nuances that contribute to the epic. Comic relief, is simply the crust of it.
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