I think that what most people here are missing is:
- the test is supposed to evaluate characters in an RP world, not main characters in novels. A world where everyone has a personal history that is worth an epic novel is simply not believable. In the LoR universe there's only one Frodo, one Ring. It wouldn't be the same with a million frodos, and a million rings destroyed. That makes hundreds of rings destroyed every day, with hundreds of frodos (and gollums, and aragorns, and saurons) all queueing up waiting for their turn;

- the test is supposed to apply to
the character background, that is, what happened
before your RPing story starts. Are you sure that Frodo, or Luke Skywalker, would score high,
at the beginning of their own stories? Frodo was just a hobbit (and stays so, btw). The nice thing about the hobbit characters is that none of them is 'special' in any way. Skywalker was a farmer (IIRC). He didn't know a thing about who he was.
The latter is the key point.
Just to stay in the LoR universe, compare Frodo with Aragorn. Now he's so interesting a guy (and knows it, from the start) that everything he does is quite boring in comparison (given who he is, we wouldn't expect less from him). That makes him a very bad choice for a character to RP (everything is already written for him, so to say). Given any situation, there's hardly any choice for his action. Would you expect the heir of Isildur to run from danger? Is he (or the player behind him) really given a choice about it? (Again, compare with Frodo.)
I think the point of the test is: if you want to really enjoy your char, reserve the amazing adventures for the time
after your RPing experience starts, and not
before. Also, let it surprise you: don't make it too similar to something you already know (eg. what you are or what you'd like to be).
Start with a common guy, and have him live the adventures of a hero. There's little point being an hero from the start (or an evil lord, or king, or mage (Gandalf-like) or whatever): it only means that your character lived the most interesting part of its life already. The most interesting part should be the one you (the player and the char) live together, instead.
I think that's the test
suggestion. IMHO it was never meant to be a blueprint for all characters. And again, there's plenty of room for heros or kings or major villains in a RP world, just it's much better if they became so
after the char creation, not before.
BTW, my old PS char scored 2. There are lots of interesting adventures for him, somewhere out there.

Maybe he'll become a king some day. But I (the player) don't know now.