They are not really flushed down the drain.
The dragon fight is typical boss fight from WoW, you are expected do certain "other things" along with your character build, gear etc. There is no way a level 1 character can kill that dragon even if the player knows when to hit the dragon, when to run out of fire etc.
I am happy to do the "other things" for boss fights since it makes them different from your standard fights. I would love it if they combine the "other things" into lore/story/quest. For example you read a book in the game and that will tell you how to fight the dragon etc.
I don't think your melee or spell damage has a whole lot to say in either case actually. In Risen, it boils down to X hits, whether you hit like a fly or a polar bear. In 2W2 it's all about the harpoon damage if I recall correctly. Sure, you fight some elemental thingymabobs, but that part is rather easy compared to the flying.
It's more like using vehicles in World of Warcraft than regular boss fights. Like the tanks on the first boss of Ulduar - only your item level has any impact at all on those tanks. Your skills/abilities/class is irrelevant.