Sometimes you may hit your flush or straight and win a big pot but I find most of the time you miss your cards and end up being dumped out of the tournament.
You dont lose "most" of the time, since both these hands have loads of equity, unless you are against specifically a set. And othen people wont just move all in on the flop with a set, since they want action. As someone else said already, this is what, an equity calculator like Equilab is for.
Starting with the AK hand we can give the opponent a realistic worst case range consisting of JJ, TT, 55 (sets), JT (top two pair) and QJ-AJ (top pair good kicker). Against that range you already have 52% equity, so you are even a small favourite to win the hand. And realistically most people will also have at least some draws. To make it simple lets just say, he can have KQ, which flopped en OESD. Add that in, and now you have 58% equity.
Sure you still bust 42% of the time, and this sucks. But its really no different than having QQ against AK, and then all the chips go in preflop. The whole idea of tournaments is to bust everyone, until only the winner is left, and "flipping" for your tournament life is simply part of the game.