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Originally Posted by Zigûr
The quotes we've examined here from the letters and so on, however, imply if not outright state that Sauron knew or at least accurately guessed that the Wizards had come from Aman, although he believed that they had been sent to exert Manwë's will over Middle-earth and not, as was actually the case, to assist Men and Elves in resisting him. He must surely have assumed they were Maiar; what else could they have conceivably been?
That being said, he must have observed that the Wizards were Maiar of a significantly lower stature than himself - he was one of the great among the Maiar, perhaps of comparable stature to, say, Melian, Eönwë, Ilmarë, Ossë and Uinen - albeit perhaps not quite as mighty as these particular examples, and certainly not by the end of the Third Age. In a footnote to letter 183 Professor Tolkien observes that Sauron was an angelic spirit "Of the same kind as Gandalf and Saruman, but of a far higher order." Were some Maiar scarcely more powerful than Elf-lords? Perhaps even, in some respects, weaker? This might explain why Sauron was not threatened by their presence if he understood their nature (if not their intentions or purpose).
I don't believe Sauron would have hunted the Ring personally in any event. He did almost nothing personally in the Third Age.
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If I recollect it correctly, somewhere in Silmarillion Tolkien says Sauron was the most powerful of all Maiar. I agree, that Sauron have wasted quite a lot of his power by the time of the War of the Ring but still was very potent.
We do not know much neither about orders of Maiar, nor about other orders of spirits but we know from Tolkien, they do exist (a typical point in discussions on Tom Bombadil). From the fact that Istari could get weary one (may be Sauron as well) could conclude they were not elves. They, however, did not look and live like previously known incarnate Maiar.
Finally, if Sauron came to conclusion that Istari were Maiar, it seems he seriously underestimated Gandalf. Thus we can ask if he established their identities as he knew them in Valinor. If he managed to do it, it means that even in Valinor Olorin masterfully kept low profile.
However, even Radagast could have become great and terrible, had he mastered The Ring. Imagine Oliphants ravaging Mordor, innumerable birds blinding orks and Radagast leading Ents and Hurns? Something from Avatar rather then Return of The King...