1. Does Thorin appreciate the gravity of what he has just said? Can he be
unaware of the history of the Noldorin? Do dwarves take oaths less seriously
than other folk in Middle Earth? If events had gone otherwise in the Battle of
the Five Armies, would Thorin have sought vengeance from Bilbo?
Thorin, like other Dwarves, is very aware of the power of oaths in
Middle-earth. I do often wonder if Thorin would have try to satisfy his
craving for revenge had the events gone differently. Given the way the
Dwarves have acted, I suspect he might very well have done so, even to his
ruin.
2. Assuming Thorin's promise is to be taken seriously, is he justified in
making it? Fëanor, the greatest artisan in Arda, poured all his creativity into
the Silmarils. Thorin's only claim to the Arkenstone is that his forebears
"found" it under the Mountain, and had it stolen from them by Smaug. Is
anything other than greed operating here?
The Dwarves working for Thingol demanded the Nauglamir with a Silmaril, and
they had just as little claim to that prize as Thorin does to the
Arkenstone. Heredity plays an important part in the desire for treasure,
though. Look at how the sons of Feanor all perish in their quest for the
family
jewels!
Most people have made this mistake of thinking Middle-earth is a particular
kind of Earth or is another planet of the science fiction sort but it's just
an old fashioned word for this world we live in, . . . at a different stage of imagination. --Tolkien's Last Radio Interview