[Wisdom of Wizardry]

I believe that the Gollum side of Smeagol teaches us a lesson about the amazing endurance and toughness of Hobbits in general.

This was the One Ring, after all. Its power is so far above Hobbits that it staggers the imagination. And yet, three Hobbits possess it, and all three resist its power to a degree far beyond what any other being could have done. It eventually overmasters Gollum; but only on the brink of Mt. Doom. Frodo is affected by it, but his later weakness and "thinning" are more due to the Ringwraith's wound than lingering effects of the ring, IMHO. Bilbo is, for the most part, totally unchanged by his long association with it.

Imagine what effect it might have had on Legolas. He is immortal, and his lineage is strong. He has great strengths already: long sight, endurance, a supreme sense of 'balance'(in emotional terms), skill with weapons, courage. One can imagine that, had he possessed the ring, he would have increased those powers a hundredfold; and thought to use those powers.

Note that neither Bilbo or Frodo ever try to use the ring to control others (with the exception that Frodo uses the ring's hold over Gollum to force his cooperation). They use it in very hobbitlike ways: to disappear from unpleasant houseguests! In Frodo's case, he used it during the attack on Weathertop only to protect himself, not to wield power over his assailants.

It is a recurring theme of this work that little things make a difference; that the common man has the courage of kings. I think that is a reflection of JRRT's roots in English culture. The class system that was slowly disappearing from English life (but has not yet entirely disappeared) is lovingly portrayed in Sam's relationship with Frodo. But WWI and WWII had shown that great deeds required courage and sacrifice from king and commoner alike: and in my mind the Hobbits are the spirit of the English common man. That spirit is ultimately uncorruptible, in JRRT's mind (and in mine), as is the spirit of the common American.

I agree with other posters that Gollum was the weaker nature that exists in all humans, brought to the fore by the power of the ring. But I think JRRT was making a statement about the strength and lasting virtue of the common man by investing Hobbits with the staggering burden of the ring, and its ultimate destruction.