Granting yourself protection from everything is a huge reason to play the card, especially if you can bounce and recur it multiple times, but the ability to draw cards (even if the life loss mounts each time you do) pushes The One Ring up to one of the best Artifacts printed in Magic's history
Bonus Pick: Flareon [3-diamond] (Eevee Grove), Jolteon [3-diamond] (Eevee Grove), Vaporeon [3-diamond] (Eevee Grove), Umbreon [3-diamond] (Eevee Grove), Espeon [3-diamond] (Eevee Grove), Leafeon [3-diamond] (Eevee Grove), Glaceon [3-diamond] (Eevee Grove), Sylveon [3-diamond] (Eevee Grove), Eevee Bag [2-diamond] (Eevee Grove), (Eevee Grove), Eevee [1-diamond] (Eevee Grove), Eevee [1-diamond] (Triumphant Light), Eevee [1-diamond] (Space-Time Smackdown), Eevee [1-diamond] (Mythical Island), Eevee [1-diamond] (Genetic Apex: Mewtwo), Eevee [1-diamond] (Genetic Apex: Charizard), and Eevee [1-diamond] (Genetic Apex: Pikachu)
If you control a Commander on the battlefield, you can choose both, which is an excellent way to either win the game or prevent yourself from losing it due to gaining so much life
When dueling against Level 40 Roaring Rex, these are the only cards that can drop
A vampire themed lifegain/bleed deck
