I don't have the exact quote but I remember Frodo being told that he would be able to read the thought of the holders of the three elven rings if he had the strength and gave it enough time.
Also there is a certain power of aura bestowed upon the wearer of the one ring. The orcs can sense their master and it has a cowering influence upon them.
Not written anywhere that I'm aware of but I would think that it would infuse the wearer with some of the strength of Sauron and given time that power could grow great, but that depends upon the will of the user.
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“I wish it need not have happened in my time," said Frodo.
"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.”
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