I'm not sure how much these comments will relate to
Anguirel's fascinating topic, but here goes.
As a reader, I've never really been especially enamoured of Gandalf the White. Gandalf the Grey is an intriguing mix of character. He's the tricksome wizard who folks in The Shire don't trust--and he plays up that role. He's the enigmatic mentor of Frodo. He's a mysterious, conflicted sort who doesn't see through Saruman until too late. He has this power, but must not use it. Who can handle that kind of self-control? And he's immensely important in explaining what the terrible appeal of the Ring is. In short, Gandalf the Grey is both a multi-layered character and a narrative necessity.
Once Gandalf the White comes back, to me at least, he is far less interesting. His cover is blown. He can come out shootin and that ironically limits his field of operation. All the strategic worrying at things and about things is reduced to flat out frowning about how Frodo is doing.
Of course, maybe this is an extreme confession of my pyschological quirkiness: give me a Grey Eminence anyday rather than the Sun King!