The Hobbit has plenty of moving moments (not many effects-heavy blockbusters can make that claim), but perhaps the most powerful is Bilbo’s reason for sticking out the rest of the journey as the Company’s burglar.
After escaping the Misty Mountain, and gathering in a (relatively) safe place, Bilbo slips off the ring to reveal himself to his fellow questers.
Yes, he misses the comforts of Bag End, but that’s because it’s his home.
He’ll journey on because the Dwarves don’t currently have one, and he’ll help them reclaim it if he can.
Delivered in a perfectly unheroic manner by Martin Freeman, it’s a neat ending: not only does it round out a nice first-movie character arc and call back to Bilbo’s decision to leave the troupe in the mountain, it strikes the same level of profundity as Samwise Gamgee managed to achieve at the end of Fellowship and Two Towers, acting as both a conclusion, and a fresh start for the next chapter.