It was overhyped? YES and NO!
As the video states, it has an slow start thanks to it´s innovative but complicated architecture. Sony really exaggerated it´s capabilities at pre launch state, to make sure it was going to eclipse the competition (commercially it really did at a point is still unreachable), and first wave of PS2 games, despite doing some stuff more advanced than DC, overall they werent´ able to surpass the best DC offered by 2000...Yes, we know by 2001 everything changed and the heavy hitters of PS2 started to accomplish part of Sony´s promises and surpass the already dead by that year DC, but also by that time GCN and Xbox arrived and really showed a visual leap over PS2 even on launch games (Rogue Squadron 2, Halo and DOA 3 are really above everything on the entire PS2 catalog)...So i would say, on it´s first years it was kinda overhyped.... BUT the power of EE and GS well used really showed PS2 was able to keep up with those more powerful competitors and allow as someone said here, punch above it´s weight....And then, PS2 was capable of technical marvels, even beyond to what we could had imagined on it´s first years, like GoW 2,Black, Burnout Revenge, SotC, GT 4, MGS 3....and even RE 4, and elite GCN game, which most people thought it was simply impossible to even run PS2, but despite it´s expectable downgrades still looks amazing...So taking a look from a historic point of view and watching the whole lifecycle of the console...It just wasnt overhyped: PS2 even delivered visuals even above to what we thought it was possible on it! By the way, i love how TTT looks, it really did some stuff even ahead of Tekken 4 and 5, and was the closest to have the CGI Tekken chars from PS1 games opening scenes playable.
PD: I love DC more than any console, but PLEASE dont´turn the thread into an unnecesary war within PS2 and Dreamcast.