This is a favorite chapter of mine also. But I have to disagree with Thinlómien regarding that the fix they get in is entirely Bilbo's fault. I know that it was he that tried to pilfer something from the troll's pocket but it was Thorin and Company that grew impatient and didn't check things out before approaching. I know I would have!! I love the cunning of Gandalf in this chapter!! I can just see him lying among some rocks or in a bush near the trolls with one hand next to his mouth throwing his voice.
I don't know if the trolls fit in with Middle-Earth or not but I do enjoy this chapter so I'm inclined to say yes. I always thought that their names were rather common compared to names like Gandalf, Bilbo, Thorin and the like. I think I've actually dated a William or Tom in my day but I wish I hadn't. They seem to me crude, rough, not refined at all. What I get from William's attitude is that he would almost like to make Bilbo a pet.
The next time I'm grabbed by trolls I'll try to remember to keep them busy until the sun comes up as I am very like a hobbit-short, fat in the middle, but no hair on my feet!!