Then suddenly, as before under the eaves of the Emyn Muil, Sam saw these two rivals with other vision. A crouching shape, scarcely more than the shadow of a living thing, a creature now wholly ruined and defeated, yet filled with a hideous lust and rage; and before it stood stern, untouchable now by pity, a figure robed in white, but at its breast it held a wheel of fire. Out of the fire there spoke a commanding voice.
The disturbing description of Frodo in this passage is fascinating. Frodo is now ‘a figure’, an 'it', not Frodo himself. He is ‘untouchable now by pity’, which given Gandalf’s emphasis on the crucial role of Pity (FR 1.ii.59), can only be a bad thing. That a commanding voice -- whose? -- speaks out of the fire blurs the distinction between Frodo and the Ring, the 'wheel of fire' which he has declared to be the only thing that he can see any more (RK 6.ii.919; iii.938). Indeed they now seem one, though whether it matters any longer whether Frodo has claimed the Ring or the Ring Frodo may be impossible to say. What of “robed in white”? Gandalf is now robed in white, though Frodo doesn't know that. So was Saruman before he lost his way. Most importantly, perhaps, Galadriel wears white, while black is the color of Sauron and his servants. Is this the nearly fallen Frodo’s vision of himself that we are seeing? Like Galadriel’s projection of herself as a ruling queen? Yet she knew it would all end in despair.
In answer to these questions the text is silent. Yet it is Sam who takes up the Pity that the figure of Frodo has laid down (RK 6.iii.944).