Isso é respondido no capítulo O Senhor dos Anéis O Conselho de Elrond , durante uma discussão entre Glóin, Elrond e Glorfindel (com minha ênfase):
'But what then would happen, if the Ruling Ring were destroyed as you counsel?' asked Glóin.
'We know not for certain,' answered Elrond sadly. 'Some hope that the Three Rings, which Sauron has never touched, would then become free, and their rulers might heal the hurts of the world that he has wrought. But maybe when the One has gone, the Three will fail, and many fair things will fade and be forgotten. That is my belief.'
'Yet all the Elves are willing to endure this chance,' said Glorfindel 'if by it the power of Sauron may be broken, and the fear of his dominion be taken away for ever.'
Isto é confirmado pelas palavras de Galadriel para Frodo mais tarde no capítulo O Espelho de Galadriel (novamente com a minha ênfase):
O motivo dos Elfos é, portanto, alcançar a destruição do poder de Sauron, e a perda do poder de seus próprios Anéis é uma troca que é aceitável para eles em troca disso.The love of the Elves for their land and their works is deeper than the deeps of the Sea, and their regret is undying and cannot ever wholly be assuaged. Yet they will cast all away rather than submit to Sauron: for they know him now.
Relevante para isso são as palavras de Elrond em outras partes do Conselho de Elrond , onde discutem a possibilidade de usar o Anel contra Sauron:
If any of the Wise should with this Ring overthrow the Lord of Mordor, using his own arts, he would then set himself on Sauron's throne, and yet another Dark Lord would appear. And that is another reason why the Ring should be destroyed: as long as it is in the world it will be a danger even to the Wise. For nothing is evil in the beginning. Even Sauron was not so. I fear to take the Ring to hide it. I will not take the Ring to wield it.
Isso destaca que, no final, a única opção realista era destruir o Anel.