[Kuruharan]

As for Sauron getting it back from whomever had it; when Frodo puts on the Ring at Mt. Doom, it throws Sauron into a panic. Though he must have known that Frodo would not now try to destroy the Ring. And as good as Frodo was, he was in no way capable of controlling such a powerful instrument. Yet Sauron could not reach out himself, either physically or mentally, and reclaim the Ring. He had to call out to his Nazgul to fly back to Mordor lickity-split and fetch it for him.

The whole snatching it back from whoever held it was contingent upon the person in question actually being in Sauron's direct physical presence. Obviously what either Sauron or his servants were not there to prevent, well, they could not directly prevent.

Now if it was my One Ring, I would have had it "programmed" to yank Frodo back from the edge just as he put it on, and drag him back to the Dark Tower with its own supernatural force.

That was more or less exactly what happened. However, the Ring did not need to yank Frodo back from the abyss. (An idea which in itself presents several interesting physiological and willpower problems that I will leave out for the moment.) Frodo's will was broken. He could not destroy the Ring. There was no need to "drag" Frodo to the Barad-dur because the Nazgul would be there shortly and because they were already at a place where Sauron's power was greatest.

But nooooo...all it can do is sit there on the finger silently yelling "Hey, I'm here! Come get me!"

As I said, that was all that was really needed.

To me, Gandalf's qualification about the Ring in his statement says that Gandalf believes that Saruman would be able to fight Sauron if he were to obtain the Ring.

Gandalf was not Tolkien. Tolkien could, and did, disagree with the opinions of his characters in several places in the story. This might be one of those times.

I would tend not to underestimate Galadriel either.

Who is underestimating her?

Remember that she was accounted the most gifted of all the Noldor in Aman

Fëanor with the Ring, now that's a scary thought

Not particularly, except in the sense that the Ring would quickly find its way into the hand of Sauron. I don't think that these mere incarnates had what it took to master the Ring. It would master them and then take them straight to its REAL master. It would cloud their thinking, inflame their delusions of grandeur, and lead them on to utter and irreversible defeat.

This is rather similar to what Sauron did to Numenor, now that I stop to think of it.

The true strength of Galadriel and Gandalf is that they are smart enough to foresee where the path of taking the Ring for themselves will lead, and possess enough self-control to refuse it. It never dawned on Sauron that anyone would be capable of this.

Bingo!