Apparently I wasn't the only one that thought the LEGO One Ring was too big for minifigures. Ochre Jelly (Iain Heath) has used the One Ring the way it should be used - By brick-built figures.
I don't think there is one flaw in this entire MOC. From Bilbo's hair, to his jacket, to Gollum's eyes, everything is masterfully done.
With the nationwide release of The Hobbit less than 48 hours away, the timing of this MOC couldn't have been better.