I'm using this blog as a marker for Juniors to post on something in Plato at their website.
That aside, the power of the ring seems to be a neutral power that essentially puts us like a stage hand in the creation of life's myth; once we throw off the power of law & custom wouldn't we have the ability to construct myth, influence the decisions of others, craft movies, music, stories, lies, identities? Wouldn't we be like Leonardo di Caprio in "Catch me if you Can"? Running from the straight laced law, perhaps, but enjoying every minute of our escape. In such a state we could be a tremendous force for goodness. The Ainur, for instance, were not of Middle Earth and could travel great distances very swiftly. But in such a state we would, perhaps, also be far more tempted to really destructive evil (vs. the small petty evils that the normal, law-bound man indulges in). After all, Saruman, as well as Gandalf, was an Ainur. After all Heinrich Himmler was an ubermensch.