I went to the Verizon store the other day to test the 4G speeds. I installed Speedtest on my Droid, and it was already installed on the phones there and I ran a test. On my Droid (@Store), I got about 1.86Mbps D/L, and .85 U/L. I tested the Thunderbolt, and it got about 20Mbps D/L, and something like 5Mbps U/L. That's around 10x faster download speeds, and 5x faster upload speeds. Even if it's choked up a bit by everyone getting a new 4G LTE phone, it'll still be a bit better than my 3G speeds. But I'm not worried about it getting choked up, because the further we go along, the more 4G towers Verizon is going to put up, and the better the service.
That being said, I have to agree that the Bionic is a bit over hyped. The specs are very comparable to it's sister, the Moto Atrix, which came out in February. Looking at everything individually, you might not these things to be impressive. But if you look at that market, you won't find too many phones sporting all of these features. So, it's a little dated, but as mentioned above, it combines everything into one package, and that's probably where most of the hype comes from.