There's little I can say about The Hobbit that hasn't already been said more eloquently. What I most wish to emphasize is just how much fun the novel is. Reading it is so fulfilling and enjoyable that the pages simply fly by and given how short it is, finishing The Hobbit in a day of reading is tantalizingly easy. A fantastic read for adults and absolutely magical for children, The Hobbit is a wonderful story for all ages. Well, I say magical. For such a definitive work in the fantasy genre, The Hobbit is honestly a little weird in an incredibly endearing, funny sort of way. There are references to China, golf (golf, for heaven's sake!), and randomly-sentient coin purses. I can't recommend Tolkien's other works (The Lord of the Rings, especially) highly enough, but The Hobbit wins out on sheer readability and plain fun. If you've never read it, go out and do so. If you have read it before, do it again!
Bilbo Baggins, a respectable, well-to-do hobbit, lives comfortably in his hobbit-hole until the day the wandering wizard Gandalf chooses him to take part in an adventure from which he may never return.