Plenty of upside, but he has to learn how to play defense and shoot the ball before he is ever considered elite. He is completely unattainable.
I would rather have Aldridge, but he is also unattainable. He has 2 years left on his contract IIRC and wants an extension there.
TP on both points. LaMarcus is awesome, but Portland has really committed to building around him. Why would he leave?
Besides going somewhere with a competent medical staff...

Anyway,
Blake is a good player. He's not a great player, but despite our microwave attention span as sports fans this is his only second year as an NBA power forward. Last year he (and props to Eric Gordon too) brought the Clippers back to relevance. This year, he joined up with Chris Paul to take their poor man's Payton & Kemp show into the second round. He's already a better player than he was last year, and he'll probably be better in 12-13.
Now, is he overhyped? Well, he was as soon as CP3 joined the team and the expectation went from "entertain us" to "win some games." Remember all those years KD and Westbrook were on terrible, terrible Sonics/Thunder teams?
Yeah, me neither. They just got three straight years of top five picks because David Stern was so upset Seattle lost its team that he just had to make OKC great as fast as possible.

Point being, Blake was the most exciting dunker this league had seen in a while. And he was new.
Now he's a got a couple thousand miles on him, and the new car smell has worn off, and everyone's gotten all jaded over the fact that their Kia ain't a Porsche.