I see things generally as do Aiwendil & Boromir88. Except that I didn't like the way the movie portrayed it. My reason is that it reduces the thing to a psychological, "poor sick hobbit, he's really nice and it's all the Ring's fault". Whereas this interpretation isn't necessary, the precisely psychological spin leads one to it. Tolkien's description leaves more possibilities, as Aiwendil said. One such possibility is the moral wrongdoer in concert with the evil of the Ring are overpowering the little bit of good that remains, which calls itself Sméagol. Something about this latter intepretation seems more robust somehow.
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