Hmmm... Shadowfax was indicative of Gandalf's influence over others, and without a horse of Shadowfax's speed, much of what Gandalf accomplished would not have been timely (ex. the Battle of Helm's Deep). Narya was an Elven thing, and he could do without his staff, but Shadowfax was indispensible in TTT.
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"'You," he said, "tell her all. What good came to you? Do you rejoice that Maleldil became a man? Tell her of your joys, and of what profit you had when you made Maleldil and death acquainted.'" -Perelandra, by C.S. Lewis
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