Originally posted by Discos
what exactly are saurons ultimate powers if he has the ring?
The Ring constitutes most of Sauron's "native element" or his angelic power. (call it S.) I think he can still access it all when separated from the Ring, as long as the Ring is not claimed by another angel.
When he wielded the Ring, Sauron could also channel Melkor's influence (M) in the song of creation and could also dominate what was done with the great rings. Theoretically if another maiar managed to claim the Ring, they would be able to do this too.
In short, when he had the Ring, his power was S+M
The Ring's power was 'a great part' of his native element, say X, and also M. Another Maiar wielding the Ring would have the power X+M. Throughout the second age Sauron could use his angelic power S, but once the Ring was destroyed, the effect to Sauron was the same as if the Ring had been claimed by another angel, his power was reduced to S-X (very small).