Many people have said Ishy was mad because he belived himself the DO, but we have no real evidence of him acting as a madman on the contrary he has ever played wise moves and has controlled the events and all the other forsaken in a genial way. He was as strong as Rand in the Power and their battles were very different from the battles against the other forsaken, Ishy has controlled the plans of the Shadow for over three thousand years. He has weakened the light through this period destroing the ten nations in the trolloc wars and also crating the BA. After one thousand years he has used Hawkwing to destroy the Aes Seadi existing beyond the Aryth Ocean and has created the Seanchan. Then he has tried to capture the Dragon to kill the time and to destroy the wheel, apparently he has failed and has been killed by Rand(?) He has fought against the Dragon Reborn three times and has been stabbed by Callandor, but the only thing that has died has been his body,his soul has travelled to Shayol Ghul trhough TAR and has taken another body. This is proved by the ball of pure shadow he created in the final part of "The Dragon Reborn",so dark that it can eat even the light of callandor, that was Ishmael's soul. I belive Ishmael is now Moridin because they are very similar (they like the same colors, they controlled everything around'em and use the true power that is used only with the DOpermission). When the other forsaken were freed Ishy could control them in same way(in the third book Perrin saw a meeting with two forsaken and discovered he scares'em...),Moridin role his the same, he controls the other forsaken(Moggy,Sammael?,Asmodean?) and appear to be more independent from DO orders than everyone else. Maybe, could he truly be...? No, this idea requires another e-mail.