The True Master.

[littlemanpoet]

Originally Posted by The Saucepan Man

Or is the will of the Ring an aspect of Sauron's own will? Might it be argued that Sauron and the Ring are essentially one being, albeit a divided one, and that neither is therefore the master?

I agree with this. What I wonder is, why put your power in a Ring or anything else, risking the loss thereof? The answer, as far as I can tell, is that the focus of that power increases its effect, thus making Sauron more powerful (when wearing the Ring) than he would be without it. The Ring is Sauron's, has his will, and his power, and apparently contains enough of his being such that its destruction is his destruction.