It depends. I usually stay away from media and fan hype. I get really excited about Zelda, SMT, Xseed games, and other stuff because of past performance and how much I like it. Usually it's just excited to play the game, and not getting huge expectations. This never hurts me because usually I am very happy with it.
Fan hype is another thing. In cases of Legend of Heroes: Trails in the Sky, it was more people talking about an RPG that didn't get as much love as it should've because only being on PSP at the time. People said it had a great story and characters. It was enough hype to make me want to get it, because there was just enough talk about it here in there.
The main problem I have is when things are talked about way to much. The only thing that I probably won't watch at this point is Attack on Titan. For months, and even still, people talk about it as the second coming of Christ, and that it's so deep, and all this other stuff. It reminds me of the hardcore Bleach fans, and I know how that series is.
It really depends on the fan base and how the fans talk about it. If they are sane and not go over board, it's fine. If they blab on about how it's the greatest thing ever, that's a problem. This almost happened to me when someone linked a review of Kill la Kill saying it was the Citizen Kane of anime, based only on the first episode of the bloody series.