I think Dodo was treated worse (even if you don't take into account what happened to her in the novels) but you could make the case that Dodo had a less interesting character outline and Jackie Lane wasn't as strong an actress as Caroline John so it was less of a waste. I think Liz is served pretty well, to be honest, by the stories she got (not perfectly by a long shot, but not bad all things considered) but it does boggle the mind that the production team considered the character unsuccessful and in particular felt that a brainy companion made it impossible to explain things to the viewer.
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Only kidding, but she was probably the companion who got treated the worst in the original series. Not surpassed until Martha in NuWho.
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