Yes, it is a great tool. I tried it, but I don't use it. As Gandalf told Frodo when he refused the ring, "Do not tempt me! I dare not take it, not even to keep it safe. Understand, Frodo, I would use this ring from a desire to do good, but through me, it would wield a power too great and terrible to imagine."
Did you find this in a lava cave? What a treasure!