It's more just that the combat has no challenge, and there isn't enough variety or numbers with enemy spawns and encounters, to reflect the power TNO and the companions possess.
This might be by design, but regardless, I felt always playing PS:T, even back when it came out, that there was something wanting.
1) TNO and companions can quaff healing and buffing items during battle as many times as is needed during inventory pause, removing all challenge
2) Buffing items stack, so just keep using them until you have max resists or whatever
3) Morte's innate dmg reduction means his jaw rarely hangs by a thread, he's a dmg sponge and can train the aggro on him with Litany of Curses
4) Dak'kon's blade is OP, to say the least
5) TNO regenerates like a troll, and I'm pretty sure crits are bugged with his fists
6) At level 13 TNO can have 25 STR, 25 CON and grandmastery in a weapon he can swing 3.5 times per round. and still get the WIS and INT dialogues.
7) The encounters are just really easy, just 90% trashmobs
8) There aren't really any tactics, and environment or terrain is rarely used to create bottlenecks or anything tactical on the playingfield
9) You can just run from "encounters", if you wanna call them that, and there's no penalty because most XP comes from quests
10) It doesn't matter if TNO dies, and he can resurrect companions with no penalty
11) Pathfinding is the worst of all IE games, meaning just positioning your guys for a fight is annoying. They also get stuck on each other all the time.
All I can really think of, it's a great game and I don't like criticizing it. But the combat is horrid.