Interestingly enough, I haven't seen any hobbit presents on any of my characters since the first time they appeared (when was that? First day of the anniversary? A while ago anyway). And I'm a lifetimer.
I do not feel desperately deprived about this, because the first couple of things I did get were absolutely useless. But can someone explain the mechanism to me, just for my curiosity?
Hobbit Presents launch with Update 11. This is basically a login reward. The first time you log in per 24 hr period, you will receive a random silver reward. We also have gold rewards that you receive once per week. In each case, you can purchase additional random silver and gold rewards with Mithril through the same UI.