I plan on making the Lord of the Nazgul with a side of the Ring tempting my Wraiths. I think it will be a fun deck to play.

It's okay. I think it could have been named better.

I understand their reasoning for not having a downside as part of the main mechanic, but at the least I would have expected more cards to add a downside. Like some powerful mythic with a really strong effect whenever the Ring tempts you, but when it temps you for the Xth time you lose the game, something like that.

Not a fan of it being all upside. At a glance it doesn't seem as annoying as Initiative, but that's a low bar.

The mechanic is very nice flavor-wise and fine as a mechanic but it doesn't scratch any of my MTG itches. I'm a fan of combos and engines, and the mechanic does not lend itself well to that play style.

Feels convoluted in a mildly negative way.

I think the way it works is fine I just wish that when you were tempted you didn't have to pick a different creature every time to become a ringbearer, moving the ring around is kind of a pain. You should be able to pay mana or pay 1-2 life to keep that creature as your ring bearer.