If J.R.R. Tolkien had left out that part about the One Ring, he could have spent more time elsewhere, like introducing the Balrog more elegantly, or fleshing out the personalities of the Elven characters a little better. The One Ring didn't really fit with the lore all that well anyways. I mean, it's, like, the only magical item with an active effect that's survived to the Third Age. Imagine some of the ideas Tolkien could have added into the series if he hadn't spent so much time worrying about the Ring.
I'm not saying he should have scrapped the Ring, but imagine the things he could have put in if he'd left the Ring out.
The One Ring is BAD for the Lord of the Rings!
Imagine how much better Mount & Blade would be if they'd spent less time on the combat and had focused on other things, like a better map view and a more efficient character development system.
Imagine the Half Life series if they hadn't been so worried about their physics engine and had spent more time on weapon variety and shaving down loading times.
Imagine the Star Wars trilogy if George Lucas had spent less time worrying about that silly "The Force" business and had spent more time delving into politics and social climate leading up to the rebellion. Oh, wait.
Have I made my point?
(Furthermore, it's Isildur and Aragorn. C'mon, this is some people's lifeblood you're messin' with
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