Random controversial (?) opinion:
People get hung up on the Extremely Sixties music video and the sheer novelty of the "Ballad of Bilbo Baggins" song by Leonard Nimoy and make fun of it, but taken on its own merits, the song is pretty much a perfect adaptation/retelling of the book. The events, the tone, Nimoy's vocal - it's flawless. It's not "LOL so random", it's exactly as silly as an adaptation of the children's book needs to be.