This is absolutely brilliant. I've just read a ridiculous number of them (i.e. the whole hobbit and about half LOTR). It's interesting to see how someone sees it the first time, especially when their ideas are fully-formed in general (as an adult, I mean). I also approve of his attitude towards Tom Bombadil, which was mine when I first read it, and still is. I am also pretty impressed at the whole uncloaking thing too. He definitely has the makings of a Barrow-Downer!