Differences in magic.

[Neithan]

An interesting point and I should point out that since Celebrimbor was born in Middle Earth (at least I think he was since he was not mentioned in the Sil until long after the Noldor returned in exile) he did not have as much power as he would have had if he beheld the light of the two trees. But I am reminded of a quote by Galadriel, later in the same conversation as the quote that starts of this thread she says,

Did not Gandalf tell you that the rings give power according to the measure of each possessor?

I always interpreted this as meaning that the rings, rather than giving power that is in themselves, amplify the power of those who wield them. So that Celebrimbor did not have to be that powerful, he just had to be very skilled.

I also remember hearing somewhere that Vilya is the greatest elven ring, I would assume that this means that it amplifies the the power of its user more than the others. Consequently, Elrond is probably nearly as powerful as Galadriel even though she would have the greater personal power. Gandalf of course is far more powerful but he does not use all of it.