unless the bard know of the ring (or see the enemy say a word and vanish without casting a spell - ring is activated by action so normally a command word) he would think the enemy just have invisibility cast on it.
dispelling the invisibility will make the enemy show, but as the ring is unaffected he could just reactivate it on his turn, at this point the bard might learn that it's an item that gives invisibility and target that next.
using the ring is a standard action and unless it was targeted with the dispel to make it non magical for a few rounds can be used round after round.
what is this about greater invisibility?
why would the bard think that the ring effect has anything to do with it? you do know that while being invisible by the ring, if the enemy attack the invisibility ends and he shows up? (he'll then have to reuse he ring). the ring doesn't give a greater invisibility effect that would allow attacking and staying hidden. it is a ring of invisibility. not a ring of greater invisibility (which isn't a standard item and should cost a ton more, if you dare put one in your game, i think it's too game breaking until high levels).
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By activating this simple silver ring, the wearer can benefit from invisibility, as the spell.
When I use a magic item like ring of invisibility or hat of disguise that can be activated to gain the effects of a spell, does the wording "as the spell" also include the spell’s duration?
Yes, such items' effects have a duration, as indicated by the spell’s duration and the item’s caster level. If the item has no daily use limit, however, you can simply use the item again to reset the duration.
This kind of item has the problem of keeping things from earlier editions and not clarifying how it works adequately. And that Paizo never really explained what is an effect.
The big unclear point is that "the ring has an effect" instead of "the ring cast a spell".
- If the ring has an effect, it is the ring that provides the effect, so you need to target the ring, even if the effect is limited to the duration of a spell. The effect stays with the ring and depends on the ring's presence and functionality.
- If the ring casts a spell, the spell effect is completely detached from the ring. While the spell persists you can remove the ring and the spell will still work, and to end it you need to target the spell. Temporarily deactivating the ring wouldn't affect the spell.
RAW, the effect of the ring of invisibility seems the first one, the ring produces an effect, don't cast a spell.
EAI, considering Paizo's dislike for "spell in a can" items, I think it should work as RAW above, but people can disagree, as it isn't really clear cut.