having escaped the elves, bilbo is momentarily quite alone. as he walks west to the other side of the misty mountains, what is he thinking? do these thoughts express a crucial change in him? why? why not?

Bilbo has just killed the spider. He feels like "different person" or I guess different hobbit. It is sort of a rite of passage for Bilbo. He is no longer as scared as he was before. Bilbo even names his sword, as a seasoned warrior might. Bilbo has is pretty much a leader now. Gandalf is not there and Bilbo has shown that he can lead in Mirkwood. Bilbo is now making plans (like to free the dwarves) and deciding things on his own.