Hybrid is real or hype - it all depends on how you look at it.
If you want to save money, forget about it. Hybrids WILL NOT save you money. You can spend half the money of a Hybrid on a basic car that get nearly as good gas mileage. That's the best way to go to save money, besides riding a bicycle.
If you want to save the environment, look else where. Walk and use public transit. If you must have a car, again, go for small, tiny cars. The environmental impact of building a sophisticated Hybrid car and the batteries in them, could be several times higher than a typical small cheap car.
If you just want to save "gas", for the sole purpose of preserving this limited natural resouce, well, don't drive a car. If you must, sure, Hybrid is a good way to go. But I'd take a different route. Drive cars that run on electricity, natural gas, propane, E85, bio-diesel, vegetable oil, etc. etc.
Of course, if you are choosing between a gas hog and a Hybrid in the same price range or higher, definitely take the Hybrid.