I've been hearing a lot about how Giants are too difficult to kill. For me this is odd. I play on Xbox [so no cheats] and I can kill Giants in two hits with my battleaxe [or one if I get a critical], and with my bow it only takes four shots. Dragons are WAY tougher than the Giants I face.

What are some of the strategies you employ to kill these Giants? Do you have to get creative or is it as easy as run in and stab until dead?

Depends a lot on the level of your character.

From lvl 5-25ish, you'd better hit and run with a bow.
25ish to 35ish and you can melee them carefully
At 40+ you can run at them, cleave them in twain with your ax screaming bloody murder.