It's all relative. In books with high-powered characters, the obstacles they face are proportionate. There are plenty of very well-done books with characters having extremely high levels of power. The Black Company books are very good. Steven Erikson's Malazan books fall into this category as well. The Elric books (and the rest of the Eternal Champion books, for that matter). Roger Zelazny's books often follow characters that are godlike or close to it - like his Amber books, This Immortal, or The Lord of Light. All excellent works of fiction. It comes down to balancing the high-powered characters with obstacles that are worthy of them.
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