No.
Hype is when you get excited for promises a game might have, as opposed to what the game is actually like.
Honestly, I would have been satisfied with a graphically better Oblivion, but the changes that they've made and the additions that they've added to the game are simply amazing.
The dragons, the dual wielding, taking out the pointless outdated RPG bullshit, and the new overview of stats. There's even a new feel to this game, where it seems like they've progressed a little further beyond the typical elves and myths, and actually made the different races seem like new creatures with a different background. The Elves seem more like Indians this time around, and the Nords look more like Vikings.
There's absolutely no way I won't like this game. I even have the feeling this will be my favorite game of all time.