First off,
Secondly, no. Valve, unlike 3D Realms, is still relevant, competent, and financially secure. With the position Valve is in, that probably won't change anytime soon. Yeah, it'll probably take awhile for it to be made, but at this point I think we all just want some info as to how production is going.
As to whether or not it will meet the hype...the game probably won't be worth the wait, but that doesn't necessarily mean it will suck. Duke Nukem Forever didn't merely suffer from the hype, it suffered from a sufficient lack of Duke-ness. And by Duke, I don't mean the wise-cracking, one-liner Duke, I mean the multi-weapon carrying, boot kicking, life meter toting, armor wearing, wise-cracking, one-liner Duke.
As long as Valve followers the general course of the games, and adds things that will truly advance the game instead of holding it back (2 weapon limit, regenerating life, etc) then they'll probably pull through.