Just for fun I thought about a 700 point Hobbit army (don't have the models but maybe will prox them).

Here are two lists:
Warband 1 12/12
Meriadoc, Captain of the Shire with Shield;
10 Hobbit Militia
2 Shirrif
----
Warband 2 12/12
Peregrin, Captain of the Shire
10 Hobbit Militia
2 Shirrif
----
Warband 3 12/12
Paladin Took
12 Hobbit Archer
----
Warband 4 0/0
Lobelia Sackville-Baggins
----
Warband 5 0/0
Fredegar Bolger
----
Warband 6 10/12
Gildor Inglorion
6 Noldorin Exile with Wood Elf spear;
4 Noldorin Exile with Elf Bow; Wood Elf spear;
----
Warband 7 9/12
Elladan and Elrohir with Elf Bow; Heavy armour;
9 Ranger of Arnor with Spear;
----
Warband 8 0/0
Ranger of the North with Spear;
----
Warband 9 0/0
Ranger of the North with Spear;
________________________________________
700 points; 65 units; 12 might points; 29 bows

A good model count, many bows, a lot of F4/5 spear support, Elvenblades and transfix (hopefully covered to ringwraiths by his Elvencloak) against Monsters, ranger of the north and Fredegar to deploy first and a few Noldor for speed (11" with a heroic march) . The thing missing is a big hero and therefore I wrote a second list including Aragorn

Warband 1 4/12
Aragorn, Isildur's Heir
4 Ranger of Arnor
----
Warband 2 5/12
Elladan and Elrohir with Elf Bow; Heavy armour;
4 Ranger of Arnor
----
Warband 3 0/0
Ranger of the North with Spear;
----
Warband 4 0/0
Ranger of the North with Spear;
----
Warband 5 12/12
Meriadoc, Captain of the Shire
10 Hobbit Militia
2 Shirrif
----
Warband 6 12/12
Peregrin, Captain of the Shire
10 Hobbit Militia
2 Shirrif
----
Warband 7 12/12
Paladin Took
12 Hobbit Archer
----
Warband 8 0/0
Lobelia Sackville-Baggins
----
Warband 9 0/0
Fredegar Bolger
_________________________________________
700 points; 54 units; 14* might points; 25 bows

A lower model count, but Aragorn with his free might seems that good calling heroic moves, marches, shoots and so on every turn; furthermore he, Elladan and Elrohir and the Rangers are a fast moving (with heroic marches) and difficult terrain ignoring group, too.

So what do you think, which list is stronger and what would you change?

I would drop Bolger and Lobelia to upgrade the militia, in both list. I like the second most, considering that with 54 models you will still outnumber any other army, and you will also have Aragorn. I'm not a fan of Gildor.

Bolger and Lobelia are there to drop them first and therefore be able to deploy the rest of my army after my opponent deployed all of his warbands, so that I get an advantage early, I think this is worth 15 points (besides Lobelias special rule is very good, if she stays alive long enough, especially against orcs or other low courage troops, while my hobbits have courage 4 because of the horn).
I like the second, too. 25 bows and a free might per turn seems evil

You have enough warband to force you opponent to deploy first without lobelia (placing one ranger of the north, then the other) and you can use Lobelia's point to powerup the Fight Value of some militia.
Hobbit armies lack spears and banners. A better Fight value is necessary to match, at least, the common foot soldier.

Battlin Brandybocks have a higher strength not fight value. I thought about the upgrade, but didn't have the points left and I want to upgrade all or no one. Moreover I've got axes to increase my strength.
The problem is that even if I upgrade the archers to F3, most opponents will have F4 and therefore the point is wasted. That is what I like about the first list. It has a lot of F4/5 spear support.

you are right, the Tuc's Fight Upgrade is not for militia but for archers, I remembered it wrong. But I still think Lobelia is a waste of point.
One thing you could do in the first list is replace the elf warband with Arnor. Spears, F4 and D6. All stuff that you could really use.

The problem is Arnor isn't that themed and I do not have the models.
I think Lobelia is really cool! It's only 1,5% of the total points and she can win you the game causing your opponents warriors to flee.

Actually, the hobbits swore allegiance to the Kings of Arnor and Fought alongside Arnor and Gondor at Fornost.
Problem with Lobelia is that her rule will backfire. No one will benefit from stand fast, and that's including your own models. With a Nazgul near (at 700 pts there will be a lot of them around), Lobelia could make your own army flee.

But this was a few years before all the Hobbit heros were born Moreover there is no proof that there actually were Hobbits fighting in Arnor (they just said there were a few archers ).


But I want to play Lobelia! Any other thoughts?

I've seen armies with way less coherence. At least there's been some connection between them.



Then you have to be very careful. Lobelia (like any other hobbit) isn't a model who could survive long on a battlefield and requires some real thinking to be used correctly. There are way to many counter to Lobelia that you will find at 700 pts [Shamans and any other spellcaster who can cast compel, to say the most common].

If I'd to deal with Lobelia with a Nazgul (with so many mirkwood elves around, I heard that Lord of Shadow has became a common sight. Good magic and 6 to hit from afar) I'd compel her to go as close as possibile to her own troops, stay at "12 away and let the -1 to courage do the work for me.

But there's only one thing to do.
Play a couple of matches and see. Maybe, after you use her a few times, you will understand more of her than I do.

New idea: The rings go west:

Warband 1-5: 41 Hobbits like in the other lists

Warband 6:
Galadriel, Lady of Light

Warband 7:
Elrond with heavy armour and horse
5 Knights of Rivendell with shields

Warband 8:
Lindir
_________________________________________
699 points; 49 models; only 10 might

Galadriel against ringwraiths and Elrond+Lindir to cast Nature's Wrath every turn. I'd maybe even take a horse for Lindir instead of Lobelia