Would not the Power of the rings be never-ending if...
 

If Saruman's theory of where the Ring had gone, (floated down the river and out to Sea never to be seen/worn again) had actually occured, would not the three Elven rings' power never end? Granted they'd still have to fight that Royal pain in the neck Sauron and all his not-so-little armies in Mordor, but still, it's my understanding that it was the destruction of the One that brought an end to the powers of the others. Thus, if the One were lost and never destroyed, the Three would continue on... Right?

Right, but it was completely inevitable that the Ring would be found and the Three Rings would be of little use when Sauron ruled Middle-earth anyway.

<font size=1 color=339966>[ 12:03 AM January 21, 2004: Message edited by: Legolas ]

Exactly. Remember, as Gandalf said (I don't know if it is in the book or just the movie) "the ring wants to be found." Eventually, somehow, someway, the ring would be found. As Legolas pointed out - it was inevitable.

Even before the elves knew that the Ring had been found, however, they were still leaving ME. By the time that Gandalf realized that Bilbo's ring was THE Ring, the vast majority of elves had already left for Valinor, even though the three elven rings still held their power. So, even before the elven rings lost their power, the time of the elves was drawing to a close.

My point exactly. You can't exactly rule a people who are leaving these shores. You'd be a King or Queen without a people, so, in essence, they wouldn't be a ruler at all. That was why Elrond declined the Kingship of the Noldor. He realized that his people were leaving those shores, and that there was absolutely no point in ruling a nonexistent population, which was, after all, the purpose of the Three.

The kingship of the Noldor? When was it offered to him? Gil-Galad had no sons, that’s why there were no more High King of the Noldor in Middle Earth. Not because Elrond rejected it.

Ok, it was never directly offered to him, but Elrond was the last remaining male descendant of the House of Fingolfin. That immediately qualified him as eligible, in addition to being Gil-galad's vice-regent in Eriador.