You mean hype about a good game that turns out bad? Sure.
I did fall for Star Wars: The Force Unleashed, but thankfully I didn't have the money to buy it right when it came out. I barrowed it from a friend later only to find out that it was dreadful (Other than a great plot).
Also, I did buy Red Faction: Guerilla after falling for the hype. While not really a "bad" game, it was incredibly disappointing. Mainly, an empty world, dying too easily, and dying being super annoying (You don't lose salvage or anything, but it throws you to an annoyingly long loading screen and either boots you back to the beginning of a mission, or boots you to a safehouse, and given how there are only like two per sector, that can get really annoying, really fast).
Most of the other hyped games that I've bought have actually been pretty good (Assassin's Creed 2, Fable 2, Fallout 3, Dragon Age: Origins, Mass Effect 2, exc.)