It really doesn't much with web rings. This is old technology that Google gives little heed to. There are the tried and true methods though --
Learn and apply Key Word Phrases for each page on your own site.
Get Quality Backlinks.
Write and publish, good, relevant articles.
If you don't understand any of these concepts, try SiteReference for more in depth info.
And, if you're wondering, "Then why am I using WebRing?" Because it gets you targeted visitors for your site without worrying about search engines.
We agree with your last two points, emphatically, part of the first we might not fully agree with.
But yes, create quality content pages, then use WebRing to interlink with other quality contents sites - linking from content to content rather than links page to links page.