What is the difference between the ways Bilbo and the dwarves reacts to Rivendell?

When Gandalf takes them to Rivendell, we learn that Bilbo loves the elves and loves being there. However, the dwarves and the elves have had a tense history, so the dwarves are more on edge with being in the land of the elves. For instance, they turn down Elrond's supper invitation. Bilbo would have loved to have gone to this supper, because he realizes that the elves know everything that is going on and have wonderful stories to tell. The dwarves, however, want to get right down to eating without all the storytelling and singing.
The text says that Bilbo:

loved elves, though he seldom met them; but he was a little frightened of them too.

Some of the troubles the dwarves have with the elves lie in their temperaments being so different. The elves love to sing and play and tease, whereas the dwarves are more serious.
The narrator states that:

Dwarves don’t get on well with them [the elves]. Even decent enough dwarves like Thorin and his friends think them foolish (which is a very foolish thing to think) or get annoyed with them. For some elves tease them and laugh at them, and most of all at their beards.

Nevertheless, the dwarves and elves do share information, and the dwarves benefit from Elrond's wisdom.