some of this debate is apples and oranges
If you consider Saurons influence over orcs compared to Gandalfs influence over men, then Sauron is the master no question.
Gandalf slew a balrog (and died in the struggle) which, although debatable, Sauron had no influence over, or command of. I postulate this based on the idea that if S did have command of the balrog, surely he would have brought him to Mordor to support his strategy concerning Gondor and the south, no?
JRRT IMO, used the istari characters as a literary tool to show the reluctance of the Vala in direct intervention in ME, and it's influence in the physical world. The end of the ancient ways, although Sauron was one of them. Its also a Valorian tip of the hat to the upcoming dominance of Men to not sally forth in their power and take care of the problem of Sauron. If this was not the case, and all Maiar spirits being equal in strenth, Manwe would have simply plopped Curumo on an eagle, dropped him atop Barad Dur, and taken care of S, while Ulmo would have a trout transport the ring to Osgiliath, where Aule could have taken it and.... blah blah blah etc
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