I say, dear Bombadil...

[Atariel]

They probably talked about the Old Days, and how inaignificantly YOUNG all the hobbits and men and elves are. Elves? you say. Young? But yes, my friends, for Tom Bombadil and most definitely Gandalf were Maiar, and the elves are but mere baby imortal-ette-ling-shuns in comparison to them. perhaps they talked about how foolish everyone was, and how, since the downfall of Numenor, men had lost the ability to make up a good rhyme.
Oh well. whatever they talked about, it was probabky deeply intellectual, and whatever they ate (probably cheese and bread) was obviously deeply intellectually stimulating. Oh, joy!