[obloquy]

There is far more evidence to support Gandalf and Sauron's equal stature than there is to the contrary. I won't go into it again here, but I'll provide some links for further research:

Here and here can be found the most important elements to the argument. Near the end of the first thread is a wonderful piece of research by gorthaur_cruel, but its date (1956) and incongruence with the bulk of Tolkien's writing render it all but useless, much like the Fall of Gondolin is for Balrog discussions.

Additionally, Sauron during the War of the Ring can be considered far weaker than he was in his original form, since he was not in possession of a large portion of his power (though he is said to be in "rapport" with it at all times), and he was also incarnate, having "died" several times already. Gandalf was, of course, limited similarly, but the point is that both were.

It's literally.

You sound pretty positive. Maybe you could share your iron-clad evidence for this assertion?

When placed in command of the armies, he was given "An added demonic force."

So Sauron doles out some extra "demonic force" to his servants from time to time? Why now? Why not before the Nazgul went to The Shire, and why didn't they all receive some? This isn't even Middle-earth vocabulary: "demonic force" is a reference to the impression a reader gets from the Witch-King, not something Sauron is capable of dispensing.

The Witch-King, even with all his buddies, would not challenge the power of ring-bearing Galadriel. Gandalf had a Ring of Power, too, and was even greater in innate power than Galadriel. The Witch-King had fled from Glorfindel (see Appendix A), and yet Glorfindel, even after his enhancement through reincarnation, is said to be almost an equal to the Maiar. How, please, could a mere Man (originally mighty, perhaps, but certainly not even one of the greatest of the Atani) who was hopelessly enslaved to Sauron approach this kind of spiritual power? The answer is that he could not, and I have never seen any shred of evidence to support the idea.

Edit: Great post, mansun!