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The power of the One ring was power over the wearers of the other rings. The invisibility thing was a minor side effect (that apparently Sauron was able to mitigate, we see him wearing it on the battlefield in the opening bit).

The Rings' victims became separated, mentally, from the real world, falling to despair when they didn't become direct servants of Sauron. Schizoid depressive symptoms.

Sauron's continued focus on the One Ring was part of his continued focus on dominating the world; if he'd decided to leave it lost, stay home and take up macrame, no one would have bothered with him further. They'd have ceded Mirkwood to him and left him in peace for who knows how long.

Which just goes to sho: It's not our mistakes that kill us, its our ambitions.