[greyhavener]

Great question, Birdland.

I agree with those who say that once Sauron regained the ring he would be able to take physical form and to defeat the elven strongholds.

Perhaps Cirdan gave his ring to Gandalf because Maiar are more powerful than elves. The hope was probably that Gandalf would be able to wield it against Sauron more effectively. We never really see this happen overtly, but perhaps possessing the ring had something to do with his victory over the Balrog and emergence as Gandalf the White. (By the way, did Saruman earn his position as the white through some similar deed?)

I think the time of the elves in Middle Earth was over either way it went and they all knew it. Maybe the hope was that another Maiar, although less powerful than Sauron, might be able to defeat him.

Here's another question. If Saruman was the white why did Gandalf have the third elven ring? Are elves more perceptive concerning potential character flaws than Maiar?