[Man-of-the-Wold]

All very interesting. I think Annun takes us down the right path, in that power and greatness in this context is not necessarily measured by strength and so forth, but rather by a combination of gifts, graces and knowledge, just as Manwe could not have equaled Tulkas, Orome or even originally Melkor in battle, but his pre-eminence is beyond question.

Given her age, majesty and potentcy, Galadriel is no doubt more powerful in many regards, compared to her son-in-law, as she is also feared and indeed perilous. And, for her, the test is real.

Elrond is of a different nature, as he is well known and deeply respected from Belfalas to the Iron Hills. Note my examples of the subtle but significant workings of his influence, however related they may have been to Vilya. As others note, his knowledge and lineage surpasses that of Galadriel, and though he would not have wanted it to stay, he is beyond being tempted by The Ring.

As for the Morian Balrog. It's containment, however voluntary was probably enhanced by the presence Lothlorien to the east of the main issuance from Moria, regardless of Galadriel or Nenya specifically.

Nevertheless, with the War of the Ring it is highly conceivably that it would have issued forth to assist in assault on Lorien. It might have done this at Sauron's bidding, but NOT under Sauron's control. More of an independent ally, much like Smaug would have been.

Admittedly the Elven rings/Valar parallel breaks down with Narya, the Ring of Fire, which besides some direct pyrotechnic enhancement, refers to its ability to help the wearer to inspire, encourage, strengthen and embolden others. Clearly, Gandalf as Cirdan foresaw put such power to tremendous use. Melkor was most directly associated with Fire, and despite his fall was co-equal to Manwe, but Fire is not any more necessarily evil than cold. Indeed the force of life in the world arises from the Secret Fire of Iluvatar, which Gandalf refers to in his encounter with the Balrog.