Peter Jackson's Violent Betrayal of Tolkien
In the novel, of course, Bilbo saves the dwarves many times—not only through his cleverness and his magic ring, but through his greater nerve. In Jackson's story, though, the dwarves are utterly fearless and possessed of sufficient battle prowess that Bilbo's cleverness, or lack thereof, is largely beside the point. Rather desperately, the film simply falls back on making Bilbo an improbably competent swordsman who somehow, without training, holds his own against whatever infinitely superior antagonist the film decides to throw at him. The dwarves embrace Bilbo not because of his pluck or smarts, but because he turns out to be a great warrior who can stand shoulder to shoulder with them and slaughter their enemies. So much for the true courage of sparing lives.