The Bilbo figure is the weak link, like Nicklab said, but I don't think that figure is going to make or break this line. Most people are going to be more interested in the goblins, orcs, warriors, etc.
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But is there really any meaning to any form of collecting? Isn't it all just the accumulation of stuff no matter how selective you may be?
What do you think happens when there are no more Star Wars figures to collect? Do we try to fill the holes in our collection? Does customizing become popular again? Just looking at the classic gaming sites, they seem to have moved to creating homebrews and finding obscure packaging variations of rare Atari games.
I wonder how much this hobby will change by then.