So here's the thing: Obviously this little booklet cannot parody the entire plot of The Hobbit, yet it is noted several times that the kobolds will be expected to go on the big stupid quest for which everyone is preparing. Yet, just as we get to that moment, we run out of text. I can't tell if that's just shtick, or if the file is incomplete, or if it really is just "Part 1" and more is coming later.
There is technically a scenario's worth of activity here, but it would be highly repetitive and just not that interesting, and then the game would end on the note of "and now you start your big quest! okay, thanks for playing," which is why I can't tell if that's the intent--that would fit the overall KAMB aesthetic, certainly--or if this is a prelude to an actual KAMB campaign.
Basically I'd say this could be pretty good if it explained what it was just a touch more. Until then, caveat emptor.