This list is somewhat easier to populate than the opposite, imo. I'll get it started and give it a go:
1. Doom 3: As original as butter on toast and as deep as drunken philosophy. Boasted graphics that were well beyond anything the world had seen, releasing a demo called "Doom 3 CPU killer" on various forums. Well, guess what? The game was postponed (a great deal) and looked both bland and uninspired by the time it arrived. The horror elements were more a gimick for sales than a real factor in gameplay, and the "peek'a boo" tricks grew old before they were born.
2. Auto Modellista: Cel shading would be all the gas, some people said a few years back. Lending from good old anime/manga style, it seemed like a cool ideam especially for those who had seen the geniousness that is Initial D. No driving physics, disappointing customization and some of modern days most anonymous sounds and soundtrack were what we got. No one expected GT-like features, but perhaps the easy going entertainment package you get in Ridge Racer games. They did not get that either.
3. Final Fantasy X-2: This is in no way a bad game per say, but it belongs in the disappointing category for me. The idea seemed nice enough, with the first true sequel in FF history, building on an already established and embraced story and world. This game had monstrous potential, but wrecked most of it by adding little to no content that unfamiliar from FFX. And the sheer fact that you can actually sing and dance in combat makes the hairs on the back of my neck stand to this day...
4. Betrayal in Antara: A horrid experience, not viewed on it's own, but when compared to it's acclaimed and extremely well made prequel; Betrayal at Krondor. Graphics were decent, and the movie sequences were actually cool, but the story was uninspired and tedious, and animation glitches were far more abundant than in the prequel (like the fact that you always swung your weapon THROUGH your opponent regardless of whether you hit or missed). The depth and customization of characters were also lacking, and none of the PC's seemed to have an interesting background.
5. Battlespire: In 1995, my friend and I barely slept for two months, and TES 2: Daggerfall was the to blame. The sheer size of the world (bigge than the entire UK!!) was breathtaking, and the story and sidestories were sublime. For it's time, it also had very good visuals and sound, and there was limitless potential in character variation and development. Then came Battlespire, which was the direct opposite of Daggerfall; no depth, poor visuals for it's time, virtually no story whatsoever and a VERY confined game environment (ONE castle/tower throughout...). This is perhaps one of the most disappointing games in my life, and delivered little besides shudders and shaking heads.