I have always associated the invisibility the rings confer to the ability of entering into the 'invisible world'. In my opinion, the ability confered by the rings is not mere invisibility, but the entering into this invisible world which as a result makes the ring-bearer invisible in the 'real world'.
Gandalf, Sauron, the elves that have lived in Aman like Glorfindel, have already a pressence in the invisible world, and therefore, it is reasonable that the rings didn't affect them in this way. [img]smilies/smile.gif[/img]
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But it is said that not until that hour had such cold thoughts ruled Finrod; for indeed she whom he had loved was Amarië of the Vanyar, and she went not with him into exile.
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