I think that the Light in Frodo's Face is simply a vision that others see, each according to their own perceptive abilities, of his spirit, or if you like his soul. The striking passage where Gandalf describes Glorfindel influences me to think this way. Glorfindel is described as having great power on both the physical and the spiritual planes. Frodo sees him as he is on "the other side", because he is himself passing into the wraith world.
Elves are often described as having a light coming from either their eyes or their entire bodies. I think this is a result of the power of the spiritual side of all Elves, especially the Calaquendi (Elves of Light - maybe this is another origin of the name?). Galathilion, I think hit the nail on the head when saying:
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This light of Frodo's is the manifestation of the refining of his spirit in the crucible of his quest.
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As the Light seems to become more apparent further along his road (helped along by the Witch King of course). When Aragorn has a Light in his Face on Cerin Amroth, I think this is partly because of his nature as Elf-friend and Elessar, and because he is at that moment in a dreamlike state. I can't think of other instances of Eruhíni having this Light, if there are others please post them!
I think in several instances in the earlier posts of this thread, a power has been attributed to this Light, as though it can be used as some kind of magical charm. I think that to talk of the Light in Frodo's Face having some power over the Ring is mixing cause and effect. The Light came from the same place that Frodo's power of resistance did, from his spiritual self.