This is one of my favorite chapters in the entire book. Gandalf does an excellent job with recanting his findings to Frodo, it just keeps you on the edge of your seat for the entire time.
I'm probably not going to say anything that hasn't already been said about the conversation between Ted and Sam. Sam is obviously the more "queer" out of the two and this sets up the belief int the readers mind that Sam isn't all that different from Frodo or Bilbo, when it comes to adventure and such. I think this kind of lessens the shock of Sam being "forced" into the journey with Frodo.
Sam I think represents the ordinary man in all of us. He fantisizes about meeting elves and going off on adventures like Mr. Bilbo and doing brave things, but when the time comes Sam finds remourse and excitement. I think we see as the book progresses that Sam's attitude changes towards one of loyalty to Frodo. Of course it was always there in the beginning, but I think that it becomes stronger their adventures become more dangerous and he forgets all the silly notions about meeting elves and trolls and becomes more about protecting his master. I hope I made sense with this.
We see here Gandalf's first visible doubt of Saruman's council. Gandalf talks about for years how he, and the entire White Council, trusted Saruman and his ring lore, but when Saruman basically refuses to let any helpful knowledge be given to the council Gandalf is wary of him. I think that it was even stated that he was misguided and fooled by the councils of Saruman and in the end Gandalf had to go find things himself. Perhaps if Gandalf had known a little bit more he would not be so anxious to answer Saruman's summons to Orthanc. Than again I'm just speculating.
I can't say much for Frodo in this chapter other than he's acting very Bilboish in his stalling to get out of town. Very lucky for him that there was a need to graduily dissapear instead of dissapearing all at once.
As for Sauron being a poet, I'm pretty sure that pretty flowers and lolly-pops were not what he had in mind when creating that poem. Infact it still fills me with dread of what might have happened everytime that I read it. *shudders*