Yes but I think the hype isn't that high. One of the greatest things about SM64 was that it has the weight of an entire console on it's shoulders. It was previewed and talked about endlessly. But until you played it you had no idea where video games were headed. One you knew you couldn't let go. It is the lack of that expierience as much as anything that held back Sunshine.
Sometimes I think that Nintendo is playing it too cool with their big games. Imagine the promotion MS would be doing if it were there game. That would be a level of hype that was be hard to meet.
Final* Word on Game Delays:
The game will not be any better or include more content then planned. Any commnets that say so are just PR hogwash to make you feel better for having to wait.
Delays are due to lack of proper resources, skill, or adequate planning by the developer.
Do be thankful that they have enough respect for you to delay the game and maintain its intended level of quality.
*naznatips is exempt