[HairOfTheDog]

What I wondered was whether Elrond's ring made him powerless against whoever wielded the One...

You know.... One ring to rule them all... and all that.

[JenB]

No, his ring had its own power and was uncorrupted because Sauron had neither touched nor seen the Elven rings. The One Ring would dominate the other rings, but probably not render them powerless. Otherwise Gil-galad would not have been able to stand against Sauron.

[Vast Buffalo Wing Conspiracy]

In order for the One Ring to do that, Elrond would have had to kept his ring on (instead of hiding it as was done when the elves were aware of what Sauron had done when he first created the One Ring), and whoever had the One Ring would have had to have had the knowledge, will, and the ability to control and dominate the One Ring, and to therefore make it his own. In other words, one would have had to have an awful lot of power to do this, something an ordinary mortal human or hobbit would not have.