I've often wondered that too. Especially in the scene at the Grey Havens. It is so obvious there that Frodo and Sam have pointy ears! It is also strange that there was no hobbit with a beard in the movies (or at least I don't recall any). It is almost as if PJ wanted to make hobbits like Elves, which is inaccurate, but still works. I mean, hobbits are so fair of heart that it's sortta nice to have them fair of face as well.