And Faramir says in TT, to Frodo, "And what is Isildur's Bane" - then later, `But, Frodo, I pressed you hard at first about Isildur's Bane. Forgive me! It was unwise in such an hour and place. I had not had time for thought. ....'But this much I learned or guessed, and I have kept it ever secret in my heart since: that Isildur took somewhat from the hand of the Unnamed, ere he went away from Gondor, never to be seen among mortal men again. Here I thought was the answer to Mithrandir's questioning. But it seemed then a matter that concerned only the seekers after ancient learning. Nor when the riddling words of our dream were debated among us, did I think of Isildur's Bane as being this same thing....I can well believe that Boromir, the proud and fearless, often rash, ever anxious for the victory of Minas Tirith (and his own glory therein), might desire such a thing and be allured by it. Alas that ever he went on that errand! I should have been chosen by my father and the elders but he put himself forward, as being the older and the hardier (both true), and he would not be stayed.
I'll let Gandalf have the last word on this subject: Comfort yourself! said Gandalf. In no case would Boromir have brought it to you. He is dead, and died well; may he sleep in peace! Yet you deceive yourself. He would have stretched out his hand to this thing, and taking it he would have fallen. He would have kept it for his own, and when he returned you would not have known your son.
As for the Earendil question, actually that is a happy ending - for an Elf story! The Silmaril is safe, Earendil and Elwing are alive and together, and Middle-Earth is saved from Morgoth. What more do you want?
I think Faramir in particular was seeing that his brother, in the end, would not have been able to resist the lure of the ring because of the way he thought about things and the way he viewed "Isildur's Bane" plus his relationship with "Daddy Dearest."
On the other hand, it is great foreshadowing of what is to come, and I liked how in the movie, Elrond and Gandalf picked up right away on the fact that Boromir's reaction to the ring was indeed a great danger to the success of the quest.