(Webmistress' note: written in 2002. Will be revised soon. Excuse my teenage-ness.)
Oh, please. Why is there any debate on this subject?
Frodo is a bloody hero.
Perhaps not the central character of the book (if you want to get nitpicky), and yes, it was Gollum who (accidently) destroyed the ring. ALL RIGHT, Frodo gave in to its power at crunch time.
But come on. This hobbit, not old at all by hobbit standards, bore the One Ring, the Ring of Doom, the potential instrument of Middle-earth's destruction, all the way to Mordor. Through hell. Selflessly, he offered to. Did you see Aragorn or Legolas the ever wonderful pretty elf jumping up and saying "No, I'll take it?" No, you didn't.
We can't possibly imagine how horrific bearing the Ring would be. In a twisted way, it would be like carrying a nuclear warhead around your neck. And the after affects, holy crap. I think only people who have experienced mental illness could possibly understand how he felt then.
This boy was driven from home, frightened out of his mind, stabbed, attacked, bitten, poisoned, beaten, half-drowned, starved, dehydated, burdened and left for dead in a spider's lair. In the end, he came through. He stared Sauron in the Eye. He bore the Ring, that damnable band of gold, to the heart of the Black Land. He saved the Shire. He saved Middle-earth.
Could Gandalf bear it? Could Elrond, Galadriel? No. They couldn't. A simple hobbit from Hobbiton bore it. With no-one but his closest friend by his side, and nothing but faith in his back pocket. And sometimes, even that ran out. For a moment, Sam couldn't be there. Yet, Frodo came through.
He is a hero, and you will honour him.