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
It's been a staple in Legacy and beyond for a long time, and its appearance in Modern is just as strong
But in this original equation, card rarity loomed much larger than it does for competitive constructed Magic today
The 4/3 one will let you exile what you countered and then recast for free like Spelljack
Every pack includes a combination of 14 card(s) of rarity Rare or higher and 37 Uncommon, 37 Common, and 1 Land cards
All of this is stapled onto a pretty good template: a very aggressive double strike-vigilance-haste combination that allows it to attack as well as being activated as soon as it hits the battlefield