I guess it kind of depends on what you consider 'all hype' It is certainly not as dominant a force in mma as it once was. Really right now everything is largely equal. BJJ had a lot of early success due to the fact that most of the competitors in the early UFC's really had no idea how to deal with grappling of any kind. Especially with Royce use of the gi offensively.
Every aspect has some advantages and some disavantages and really you need to train in at least all aspects if not in each option.