Yes, really.
What did everyone expect?
Look at it this way, it is in [b]Pre-Alpha[/b] stage, this means its no where near done.
Considering that, the fact they can show something like they have at E3 and Gamescom, and it work as well as it looks, is a feat in itself.
From a business standpoint, a development standpoint, and advertisement standpoint, Bungie is doing Amazingly well.
This isn't Treyarch, Blizzard, or Infinity Ward, where games come out yearly and tons of information and gameplay is dropped as soon as news spreads a new one is on the way.
Bungie doesn't make copy and paste games, so yes, Bungie at Gamescom did impress.
I personally think they are hyping it just the correct amount, its been in development for 8-9 years, and it supposed to hold up and honor the bungie name for the next ten, and considering its release is next year, they are doing it correctly, they are getting people excited, they know how to play ball, and they will pull through and make sure they get that mid field grand slam.
Oh, well, in that case, yes, they did 'overhype' it a good bit.
That three story screen should've been to reveal the sound base of what PVP multiplayer is going to be, or the perpetual rabbit hole they claim customization to be.
IMO, the three story screen was not lived up to by a replayed Old Russia Demo and the Vidoc 2...don't get me wrong, both pieces were great, but they were NOT fit for the hype of a three story screen.
I apologize for any miscommunication or hard feelings.