This deleted scene shows that "The Fellowship of the Ring" might have started with Bilbo Baggins' short story about the Hobbits, their lifestyle and habits. I find this opening very interesting and amusing, because there wasn't much time for those great ancient race to be on the screen. And Hobbiton is a very beautiful place indeed.
I can only imagine how hard it was for Peter Jackson to choose between those two great opening scenes.
More about upcoming "The Hobbit" duology!