How disappointing is Midgar Zolom?

The first time you play the game you're in awe of this huge serpent which can kill you in an instant and when you get to the other side you're amazed at Sephiroth killing it. Then later in the game you think you're pretty tough and want to test your skills against it and find a) it's ridiculously easy and b) you get barely anything from it.

I've recently started a new game of FFVII and I've just got out of the desert prison and thought I'd track back to get Beta off it. I was disappointed how easy it was even at about level 20. Admittedly I was using Big Guard, but only because I reckoned I'd be able to take him if I used it.

About the only impressive thing about it is how quickly it respawns.

tl;dr - Midgar Zolom is disappointing. Discuss.