Yes, I think you may be right. I think the media made it sound worse than it is right now on the beaches, which killed a ton of tourism activity. The media should act more responsibly when they are hyping up stories which can easily influence behavior.
Yes, the media should be reporting instances of tar balls/etc. because that's news. Report the facts, I don't give a ****. But, they shouldn't have portrayed it as if there was an oil slick sitting on top of every white sand beach on the MS/AL/FL coasts. They may not have said it like that in so many words, but after you see clips of people in plastic suits combing the beaches for tar balls on the nightly news for a couple of months, you begin to think that's what it looks like every day up and down the entire coast. I think if they were a little more sensitive in how they advertised what was happening on the beaches, they may not be as empty right now.
If you are talking about the entire situation itself, I don't think you can call it overrated at all. We are talking millions and millions of gallons of oil dumped into the ocean heading in the general direction of a good chunk of U.S. gulf shorelines. I don't think this crap is just going to be absorbed overnight with no long-term significant impact. The oil is going somewhere, and it's going to 17 somebody's lifestyle up - whether that be the tourism industry, fisherman, ocean ecosystems, or whoever else relies on the gulf for their way of life. This is a 17-up of epic proportions and it's impact won't go away any time soon. Just because the beaches aren't caked in oil doesn't mean this isn't a big deal.