I agree on the prologue. There was too much before we saw the young(er) Bilbo.
I would also cut the ridiculous Goblin chase, from the arrival of Gandalf to Bilbo seeing them flee.
I saw the movie with Swedish subtitles and original sound. There were no additional rounded English subtitles for elvish or orchish dialogue, but there were signs when there were cuts between time periods. Language subtitles on DVD and BluRay are usually on a separate track, so I don't think that they will be "burned in".