Sure, but your damage output didn't scale inversely to your ability to TAKE damage. The fighter has always been the best damage dealer, outside of AOE effects. Now my fghter has to just sit there and take it up the ass while some squishy that dies from a spitball gets all the glory. May as well be playing WoW.
What? No, that's crazy. Magic (and psionic users) have been out-damaging fighters and barbarians at max level for decades in D&D, both AoE and single target, and it holds true in a large chunk of western RPG's that are based on a Tolkien/D&D style setting. It's actually part of the reason 4th Ed ended up like it did; they were trying to undo decades of screwing the physical combatants and make them actually worthwhile all the way through to level 20.
http://tvtropes.org/pmwiki/pmwiki.php/Main/LinearWarriorsQuadraticWizards
Really? A first level fighter with a long sword and an 18 strength in D&D does 1d8+2 damage. A wizard does 1d4+1 with a magic missile. At 7th level, the fighter gets an extra attack, for a possible 2d8+2, the wizard can do 4d4+4, about even, but the wizard can only keep that up a maximum of 4 times a day. The fighter can double that output with a decent dex. You make me laugh. Until 3e, magic users were NEVER king of the hill. Sure, they have meteor swarm, but it took 2 rounds to cast and a three year old with a rock could interrupt it. I've seen that trope, and while it's humorous, it's a spheric cow. In a vacuum, wizard are very powerful, but in reality most of their spells take too long to cast to be that useful in combat. 3e did away with casting times and 4e just turned every one into a magic user.
Yeah this isn't how you play D&D. And there's quite a bit of middle ground between meteors and a level one magic missile spell.... like, oh say fireball. At 7th level like your fighter it's a whopping 7d6 damage in a 40' diameter sphere. In 2e Wizards were gods.