As Kuruharan said, I think. It could be taken as either a compliment or an insult, depending on who you were. I think Sackville-Baggins's should have taken it as an insult, whereas, say, the Bolgers might have taken it as a compliment, although I've now idea what sort of terms Bilbo was with the Bolgers.
But, as several others have said already, compliment or no, I like that line a lot. Though, yes, it is far too overused and well known to use in real life.
-- Folwren
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A young man who wishes to remain a sound atheist cannot be too careful of his reading. - C.S. Lewis
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