Three vs. One

[Farael]

I think it was discussed before but I can't find the link. The three rings were not meant for warfare but rather protection. They kept Rivendel and Lothlorien safe, as well as helped Gandalf inspire other men (and elves and hobbits) yet they were not a weapon to be wielded in the battle field.

Also, if Sauron had regained the One Ring, he would have had power over the three elven rings as well, rendering them useless even if they had some use in the battlefield.

And I think that the point of LoTR is not "well, the elves missed something in their reasoning and did things the hard way" but rather "there was no other choice, humanity (or elfanity, hobbitanity.... etc) had one last chance and thanks to the brave souls of the Fellowship and the many that aided them (including possibly Eru) the world was saved".