I think hype was simply our own or collective expectations.
I also think that we use hype as more of an excuse because we haven't been able to enjoy Crysis because of frame rates.
....
I haven't bought Crysis yet because I'm holding out for my next build (for financial reasons and GPU ones).
I'm really not trying to brag or anything like that, but my machine is more than fast enough to play Crysis with everything on high or Ultra, and AA enabled (although I don't notice a dramatic difference between AA and non AA). In any case, I'm not referring to the graphics as being a let down. On more than one occasion I was wowed by the eye candy. I'm talking specifically about gameplay and story, which is repetitive, derivative and, at times, rather tedious. For example, I can be 50 meters away from an enemy, shoot him about 100 times (and I know I'm hitting him because of the blood), and he still keeps walking around. Additionally, the AI is horrible. The game is so corny that sometimes I wonder if I'm laughing with, or at, Crytek.
Bioshock, HL2 (and the subsequent episodes), Team Fortress 2, etc etc, are much more enjoyable than Crysis. When compared side by side they may lack a bit in the graphics department, but the difference really isn't as dramatic as you'd think, except for some obvious bits where Crysis blows the competition out of the water (expansive environments comes to mind). This being said, I'll probably play through Crysis...it's not so bad that I want to avoid it. However, it falls far short of even the lowest expectations. I didn't even know Crysis existed until it was released, so my expectations weren't as high as those who've been waiting a year plus. In fact, I really didn't have any expectations beyond it being graphically amazing. Truth be told, although the graphics are pretty sweet, they really aren't as mind blowing as I thought they'd be, based, again, on the hype. I'm just glad this game was included with my graphics card. Had I bought it outright, I'd probably be pretty disappointed.