I couldn't tell you how many times I've read this, but I can tell you that each and every time I do, I notice something different, something more. It's, quite simply, my favourite book in the world. The detail is so rich, so vivid, and it's infinitely more than just a children's story, but it the same time it works perfectly on just that level if that's how you want it. It's the most perfectly contained slice of another world, and it will either leave you delightfully entertained and sated, or have you ravenous for more.
This is the book that started it all for me, when I was a child. This is the book that brought Epic Fantasy into my world, and never let it go. I owe everything to The Hobbit.