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There are some interesting dreams to be considered in the Silmarillion as well - the prophetic dreams of Turgon and Finrod, apparently sent to them by Ulmo. This raises the question of the power of the Valar (I believe there are other places in the Silmarillion material where "dreams of the Valar" are referred to). One wonders how this relates to the metaphysics of Arda. Are these dreams transmitted via Osanwe?
One might similarly question the metaphysical nature of Frodo's dreams. Are they merely reflections of his subconscious? This seems unlikely, since he hears the sea, which he has never seen in waking life. But whence then might his dreams come?
Sorry if I haven't responded directly to your question - and indeed, have brought the issue down to a more literal level. But I think these are interesting questions that deserve some attention as well.
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