Yes, Sauron put most of his power into the Ring in order to dominate the others-but the Elves elves were aware of him and concealed their rings.
As for the size of the Ring-the Ring could slip off a finger if it so wished; it would have shrunk to fit the Hobbits as it had to fit Isildur.
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But of bliss and glad life there is little to be said, before it ends; as works fair and wonderful, while still they endure for eyes to see, are their own record, and only when they are in peril or broken for ever do they pass into song.
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