Basically means overrated. But when something is overhyped it is really too much. Been there, done that. Enough said.
Can be used to say to describe a state of high elation.
I am feeling totally overhyped
after watching that bboying vid
! It was sick
Christmas is totally overhyped, it's not even gone October yet and we're already being bombared from every direction with it, as if preparing for it were the single most important oncoming event in our lives. FAIL