I generally agree with that line of thinking on most stuff--many "must see" films as well as TV shows OFTEN end up not being worth half the trouble and are pretty much 80 % hype, 15% "meh" and maybe 5% "must-see."
(I still haven't seen The Matrix,
although I'm sure it's good.
It's hard to explain exactly, but The Sopranos is in a different class. I watched the first three seasons religiously, then season 4 on and off, 5 and 6 pretty sporadically, but I'm still a gigantic fan of the series. The writing is as deep, multi-layered and profound as any Oscar-winning film--probably more so. I don't say that lightly. It just does not compare to anything else on television, as well as a huge fraction of Hollywood films.
( I realize it's not everybody's cup of tea....