The BBC Radio dramatized version of The Hobbit came out in 1968 at the crest of the first phase of Tolkien's mass popularity; and the whole thing was an ambitious piece of work, done with considerable zest and and attention to detail.
There is a complex, high quality, medieval-style musical score; played by top-notch musicians on ancient instruments such as Crumhorns - which, immediately and throughout, sets the tone of the drama.
This sonic landscape is reinforced by the involvement of the BBC Radiophonics Workshop to provide sound effects and voice treatments: mostly good, but sometimes overwhelming in volume, and at other obscuring the voices.
About these voices... Several are given electronic 'treatments' - such as the Trolls, High Elves, Wargs, Eagles, and Thrush; and - especially for the Thrush - the words often becomes so distorted as to be simply incomprehensible.
Furthermore; it may be acceptable to have goblins speaking in high-pitched nasal accents - but the wood elves too, including their King?
There is, as in the original book, an 'avuncular' narrator to introduce and guide us (spoken by Anthony Jackson); but here he also interacts considerably (and humorously) with Bilbo himself - who is given a nuanced and varied performance by that stalwart of BBC radio: Paul Daneman.
Gandalf is given a distinctively waspish, ultra-irritable, somewhat Kenneth Williams-ish, character by Heron Carvic.
In general terms; the dramatization does a good job of following the light and shade of the book, and the darkening of tone towards the climax; Thorin's death and the maturation of Bilbo himself were well done. The climatic bits succeeded in being gripping and moving - except the scene with Gollum, which (for once) lost tension and fell a bit flat - partly due to repetitive sound-effects simulating the flapping of wet feet (I presume).
On the flip -side, it is sometime hard to understand what is going-on (unless you already know), and this is hindered by an extremely wide dynamic range - with some parts (especially speaking) so quiet as to be nearly inaudible, while others are deafeningly loud (the dragon attack on Esgaroth, for instance). This makes it useless for listening to in the car!
There are some other strange aspects: for example wilfully wrong pronunciations of several names. Gandalf is pronounced gand-ALF, Thorin is torEEN, Gollum is gohLOOM, Gondolin is gondo-LEEN (do you see the pattern?).
I can't imagine how this happened, given that no English-speaker in the world has ever spontaneously pronounced the names like this!
Especially since Tolkien was still alive at the time this programmed was made, and the BBC had a dedicated (and zealous) specialist department responsible for correct pronunciation in all broadcasts.
In sum, this could be called an 'experimental' dramatization of The Hobbit; and as such it was clearly done with care, considerable resources, and high motivation... albeit, in some parts, the experiments don't work.
On the plus side, this lends this 1968 Hobbit the charm of a 'period piece', very much 'of its time'.
Overall, in balance - I heartily recommend this dramatization. I have listened-to and enjoyed it many times over the years.