I haven't read Treason of Isengard, NZS, but your interpretation of the
encounter between Frodo & Smeagol/Gollum has always been how I've understood
that passage in LotR. Hadn't even realized that there was a point of
controversy until reading others' interesting responses. No doubt I'll now
become hopelessly confused :)
And I love the Nibelungen quote ... whatever Tolkien felt about Wagner & his
sources, it's completely apt.
Query, though: what exactly is it about the Ring that enables it to act as an
"agent" of enslavement? What's the, um, mechanism? It seems that it's not
simply the Ring's nature as Sauron's product, into which he's poured his will
etc ... since wielding the Ring probably has this effect on Sauron himself. Is
it a claim (by Tolkien) about the workings of power & evil - that its effects
in the world redound upon the creator and bind him or her even more closely? A
vicious circle as it were?
Or...?