The BBC dramatisation is very good - its mono as it was originally braodcast in 1967. There are some very clever, funny, moments in it (for instance, at the end, when Gandalf & Balin are visiting Bilbo at the end, Balin points out to Gandalf that Bilbo is writing a book & Gandalf mutters 'He'll never get a publisher!) Downside is some very odd pronunciations -Torin, Tror, Train, as opposed to Thorin, Thror, Thrain. But overall a good romp.
Brain Sibley, the guy who adapted LotR for the BBC has also done adaptations of Smith, Niggle, Giles & the Bombadil/Barrow Downs episode he missed out of his LotR radio adaptation. All on cd in a set called 'Tales from the Perilous Realm' - most of them are good, but the adaptation of Smith (probably my favorite of Tolkien's stories) is quite bad.
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