cinda_cite--what is the *practical* power of the One Ring

This question of cinda_cite 's is so very, very intriguing, and I'd very much like to see what people think. We're not talking about its power as a metaphor, but its actual use and power within the world of LoTR.

Her entry is here, but this is the part that especially intrigues me:

Sauron is already immortal. So, how is [the ring] practically used, then? How does that look? Is there scholarship showing point by point from LotR how Sauron would use the ring? And, would he be used by it? (As the h...