I really think that alot of guys are so used to catching fish under 3lbs and not really having technique down that they are surprised and unprepared when it comes to a 7+ lb fish. Growing up striper fishing on med gauge tackle i think has done me the most good as far as preparing your set ups, drag and and your patience for a fight.
Like tom and sam mentioned, i try to to position the boat so that the fish will escape to open water. And take the fight to me on my terms so i can just wear him out. On the same note tho, when the cover. Or matted weeds, or brush is really thick and every escape rout is a bad one, that when i decide to go for the home run. Cross his eyes and hoss his butt out of there... but when im doing that im usualy using a heavy frog rod or a heavy flipping rod that is capable of doing that..
I have lost more big fish by trying to play them when i should have used a power approach, but like i said early, theres a place for both approaches and that where mental prep prior to the cast or pitch comes in.
P.s. i really enjoyed reading everyones responses.. its a good refresher course!! Tom and Sam had especially awesome posts.