Gotta agree with English here, man. Go read the books. Start on Fellowship if you can't make it through the Hobbit, the writing is done in a different style.
Tom Bombadil was a "side-plot" in Fellowship that was absolutely unnecessary to the plot line. Tolkien got away with it because of who he is, but he actually went full-stop on the plot of the story for a bit of personal fun. He got away with it because of the entire rest of the story, and a stunt like that would probably put a modern author straight into the bargain bin or get them edited to oblivion.
That being said, he was just a dude that had lived out in the woods for literally forever. He lived there before the elves came to middle earth, and before Sauron came around and brought evil to it. Because of that, the ring had no power over him or his domain, but because of the other races, his domain had shrunk down to the patch of woods where he lived. He was just a jolly old carefree guy, the description reminded me of Santa. He was awesome, had no real place in the movies, but I personally think he was important just to show that there were people around who were immune to the power of Sauron and the Ring. They could have given him 5 minutes, just to show he was there and what he was capable of (and explain why he couldn't waltz the ring into mordor) and all the fans probably would have been happy. That's why he was mentioned in the video, he has probably 30-40 pages in the book, and got completely skipped in the movie.