Of course it did not live up to the hype. It couldn't ... was totally overhyped.
Also I have to say, most magazines gave it way too good ratings. The reason for this is probably, that it's unique in its approach and something many people (including me) wish there would be more of. So it's some kind of worshipping the idea, even if the actual game is flawed in many ways.
But even knowing all this, and having a much smaller hype in my head, it did not even lived up to that hype.
After Fallout3 I really expected Skyrim to offer a much better leveling and exploring experience.
Both things are denied by very bad design-decisions regarding some of the skills and perks.
I'm also especially dissapointed about the quests.
In my opinion Oblivion had good quests and Fallout3 even topped that by offering a lot of decision-possibilities in almost every quest.
In the Skyrim quests you rarely can make any decisions. And comparing the Dark Brotherhood quests of Oblivion to Skyrim, I have to say, those of Oblivion were much much better so far.
Also the whole feeling is dissapointing in some ways. I miss a forest. Every mountain looks the same.
I also expected bigger cities with more people.
It's still a good game, and it also does make a lot of things better than Oblivion (I was positively surprised by some of the dungeons and all the traps and little puzzles for example), but all in all I'm not even sure, if "modded Skyrim" will be better than "modded Oblivion".
So yeah ... I really expected more. It didn't live up to my hype, even though my hype was much smaller than the general hype.
Still a good game, still worth playing, but wasting so much potential, that it makes me sad.