But: is it really anywhere close to its hype train?
Nope, but no game is.

I think it's still early days. It's a very cohesive, well designed world, and the brilliance of it becomes clear in the little things you notice. Like random NPCs arguing over who is paying for the noodles at a food market as you walk by. If you like the GTA5 style of vast open worlds, with a plot you can pick up or drop at any point, and hundreds of wee sidequests you can do at your leisure (and I do) - then it's outstanding.
Haven't noticed any major bugs yet, no crashes yet for me, and it's just a fun experience to jack into. I've spent most of my time in-game so far just walking (not driving) around, getting my bearings in the world and seeing what's what. Not finished Act 1 yet, so parts of the city are still closed off to me (e.g. Japan town). I assume these will unlock as I continue the story. But I'm having too much fun just walking, coming across crime scenes & "fixing" them, which gets you street cred and cash. Honestly, it cries out for a good VR implementation.
Gameplay wise, it's like a combination of GTA5 and Watch Dogs. If you like either of those two games, you will like this.
Also, running it on a 1080Ti, and it does look fantastic even without raytracing (at 4K). By all means wait, but if you have a decent enough graphics card already, you'd likely be impressed.