The One Ring gave power according to one´s own power, so Frodo and Bilbo only became invisible and had very accute senses when wearing the Ring, maybe because they - being hobbits - were very stealthy and perceptive in their own nature. When for instance Gandalf or Galadriel would have taken the Ring the power they would draw from the Ring would probably be far greater.
The Elven rings were designed to give protection, healing and preserving.
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Do not meddle in the affairs of wizards for they are subtle and quick to anger.
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