Overhyped by the media sure. But, that is not why he was picked #1. And I too did not understand taking him #1. He probably warranted a pick in the middle of the first based on his skills and performance, but QBs always rise because of the position they play. Of course, I also think many LSU fans were way too critical of him. No matter what he failed to do in the NFL, he was a very good, clutch college QB.
But to think that NFL GMs and Coaches make picks based on media hype is foolish. If anything, the media hype is created by NFL staffs who tell reporters that they like or do not like certain players. The problem of course is that lots of times those leaks of info are designed as smoke screens and to get guys like Al Davis to take a player too early because he is afraid someone else will take him before he can. (Of course, with Al gone, there aren't many left, outside of Jerrah Jones that would fall for that stuff.) So, while I think information from the media is used by teams to fool other teams on who they will take and when, media "hype" does not make players significantly rise in the draft. The teams use the media to create the hype, not the other way around.