Mish-gan
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If you're unlucky with dispelling spells, and the Necromancer gives Vampirism to the Spectres, then things aren't so clear-cut.
I once saw a battle where, according to Mish-gan's seemingly accurate predictions, the Dwarves defeated almost all of the Necromancer's units, leaving only the dragons, which, with their last attack, destroyed the ammunition cart and about 300-400 Spectres.
It was simply amazing to watch this circus, as the entire Dwarven army surrounded the Spectres, miss, miss, hit - in response, the Spectres fully recovered, miss, miss, hit, the Spectres attacked - the Spectres recovered... The Necromancer won.
It's just that Spectres with Vampirism are a very good safety net; the game drags on, as both races have low damage, a lot of mutual resurrections, the Dwarves run out of mana, and the Necromancer has Spiritual Connection...
But I also don't think the Necromancer is the most dangerous opponent for the Dwarves.
I had a similar situation, only there were fewer Spectres, but I still won. I agree with you, but this is probably more of an exception than the rule!
