The princess bride example is a good one...wish I had thought of it. For those who dont know the reference but want to follow along
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Notice how the beginning they name the styles/ maneuvers each is using? Heh if that's not 4th edition Im not sure a better movie example could be found. I think thats the kind of thing 4th does easier than prior editions.
I would guess this is about 8~10 rounds? How many "hits" do you think happened in those ~10 rounds? Now this is rather a stretch but let us assume each used an action point for a total of 22 standard actions.
Assuming equal level (why not) 11 of those should have been hits. Further, each probably used at least one encounter power so likely we saw 11 hits plus 2 half damage misses. Yet we saw no action which we would have been called a hit "story wise" until the disarming. I'd hate to think such a cool scene is merely the result of epically bad rolls.
Still it is a matter of styles. Some grim or gritty games like to keep track of every little scratch, apply separate healing factors depending on original severity of the wounds, add massive hp loss instant deaths and keep all manner of statistics to make the characters feel realistic.
I much prefer to have a character's story arc, personality and motivations breathe life into a character. Of course these approaches arent mutually exclusive and each DM has to find their own blend. For me, I find that there are only so many things I can lend my attention to and I'm much more interested in the creative aspects rather than the minutia of wounds, combat or weather systems. (heck if I want to have it rain story-wise why bother with the "fairness of when it rains" make it happen captain.
I guess its almost like focusing a movie camera when directing the fight scene. You could zoom in on each hit and show the wound in all its "high def" glory or you could pull out and get the essence of scene and have a singular dramatic element.
Everyone at the table knows the halfling didnt do too much of the damage to the t-rex. Still its much more satisfying (to me anyway) for him to have slit the stomach of it open spilling its entrails all over the cobblestone plaza-causing chants of admiration from the spectators. It works better in my game story-wise than for him to be responsible for the 15th cut of 10 hp or more which happened to kill it.
You can describe it anyway you want and I dont think there is a right answer. I see how some players might feel "cheated" if their hit for 10 damage merely bounced off the creatures hide or the arrow stuck into a shield etc. I find however that those types of players generally dont enjoy the same aspects of the game as I tend to focus on so I imagine its sort of self segregating.