I think that all the Elven Rings did was strengthen the powers of their bearers, just as the One Ring. As the book says, "The One Ring gives power according to the measure of its bearer." I'm sure that the Elven Rings did the same. Vilya probably kept Rivendell protected, since that was probably paramount in Elrond's mind. Nenya enhanced Galadriel's mind-speaking powers, and also her desire to preserve Lothlorien in the same way. Narya enhanced Gandalf's "Inner Fire", and kept his zeal for fighting Sauron strong. It also helped him inspire others to take up the fight.
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But Melkor also was there, and he came to the house of Fëanor, and there he slew Finwë King of the Noldor before his doors, and spilled the first blood in the Blessed Realm; for Finwë alone had not fled from the horror of the Dark.
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