Sadly, yes.
That was one assignment out of 10 or whatever, it did not really help my grades THAT much.
And even so, we had so much fun doing it. We threw in a lot of WoW references and ripoffs which just made us laugh multiple times during the creation. "Hey, come up with a location name" Reply: "Beach." Me: "WTF dude be serious, ha ha"
Even if I had gotten an F, I would still consider it worth my time.
I partly agree with your statement here, but not fully.
edit:
(this actually happened, and was actually approved)
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Firion Tordring : This is the ancient dwarf king. Well, king is the wrong word really. He was more of a god. His weapon, the blade of cinders, made him virtually invincible. But, somewhere along the lines, he got killed on this very island. Not long after his death the mist came. Now the mists are gone though, and explorers have came looking for the blade of cinders.
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Me: "Come up with a name for the main character."
Friend: "Firion Tordring."
*facepalms*