I've just started reading The Hobbit to my young son and was instantly reminded of this card when I read the relevant line from the book, which is the flavor text on this card. As a bonus, I retrieved this card and showed it to my son, which amazed him -- both because of the artwork (including Bilbo cowering in the background) and that it gave my son an idea of how well the book is known. But what about the card itself?
Given the timing of the card, it can obviously be a complete loss of 1 resource and 1 card if no enemy appears. That is, unless you employ various scrying tricks, of which there are a few. The easiest to setup is playing one-handed with Henamarth Riversong, who should be a staple in any solo deck. But since I now play 99% of my games with 2 decks, I pass over this card. And not just for those reasons, but because given all the attack power you can muster these days, paring off 2 in one instance can't compare with +2 every turn.
Still, when I want to create a direct damage deck, this one is on the radar... but again, unless I'm willing to play one-handed and/or make scrying work, I pass it up. Regardless, I like the card for it's artwork, for honing in on a specific moment in Middle-Earth, and now, for me, the added bonus that I'll always think about my son's widening eyes when I showed it to him, giving him an inkling of the scope of Tolkien's reach.