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I admit, it tends to work on me. If the hype is big enough, I'm usually willing to take a chance on the flick. To be honest, I find I'm not too often disappointed. Usually I find that when a film has not only a big budget, but a big marketing budget, it tends to have some genuine weight behind it. I think we're getting higher quality films than we were a few years back. People are adapating to special effects, and they tend to want more.
The closest thing resembling a failure to live up to hype that I can recall is Men in Black 2. Other than that, most of the big "event" movies (Spider-Man, LOTR: FOTR, Harry Potter, etc) have been fairly deserving of their hype.