The Hobbit isn’t as good a book as The Lord of the Rings. It’s a children’s book, for one thing, and it talks down to the reader. It’s not quite set in Middle-earth—or if it is, then it isn’t quite set in the Third Age. It isn’t pegged down to history and geography the way The Lord of the Rings is. Most of all, it’s a first work by an immature writer; journeyman work and not the masterpiece he would later produce. But it’s still an excellent book. After all, it’s not much of a complaint to say that something isn’t as good as the best book in the world.
If you are fortunate enough to share a house with a bright six year old, or a seven or eight year old who still likes bedtime stories, I strongly recommend reading them a chapter of The Hobbit aloud every night before bed. It reads aloud brilliantly, and when you do this it’s quite clear that Tolkien intended it that way. I’ve read not only The Hobbit but The Lord of the Rings aloud twice, and had it read to me once. The sentences form the rhythms of speech, the pauses are in the right place, they fall well on the ear. This isn’t the case with a lot of books, even books I like. Many books were made to be read silently and fast. The other advantage of reading it aloud is that it allows you to read it even after you have it memorised and normal reading is difficult. It will also have the advantage that the child will encounter this early, so they won’t get the pap first and think that’s normal.