When Frodo put on the ring at Amon Hen, he could see telescopically for hundreds of miles. And when he put it on at Weathertop, everything became dim and dark except the Ringwraiths.
Yet the first time Bilbo put on the ring, he didn't notice anything until Gollum ran straight past him. Subsequent uses of the ring also describe nothing but invisibility.
Is there a reason for this? My guess would be Sauron wasn't as powerful in The Hobbit, and so the ring wasn't as powerful, until he rose up again and his power increased, letting Frodo perceive more of the other side, but I'm not sure.