Hyperbole is the art of exaggeration for effect. As wikipedia has it:
Hyperbole (pronounced /haɪˈpɜrbəli/, from ancient Greek ὑπερβολή 'exaggeration'), is a rhetorical device in which statements are exaggerated. It may be used to evoke strong feelings or to create a strong impression, but is not meant to be taken literally.
Hyperboles are figures of speech that are exaggerated in order to create emphasis or effect. Hyperbole is a literary device often used in poetry, and is frequently encountered in casual speech. An example of hyperbole is: "The bag weighed a ton". Hyperbole helps to make the point that the bag was very heavy although it is not probable that it would actually weigh a ton. On occasion, newspapers and other media use hyperbole when speaking of an accident, to increase the impact of the story. This is more often found in tabloid newspapers, which often exaggerate accounts of events to appeal to a wider audience.
In geometry a hyperbola is a curve. Viewed with the edges down it starts low, rises to a peak, then goes low again.
In MMO hype is also a curve. There are rumours that a secret MMO project is planned, vague speculation on whether it will be a wow clone or a shooter, then excitement rises to a peak as awesome trailers are released and old game functionality is re-explained as if it were something new and special. Then the game comes out, you crash 4 times a night and people who can bunny hop well own you.
Don't believe the hype is simply wisdom. Hype is not there to be believed. It's a rhetorical effect, a trigonometric pattern that ends with anti-climax.