As usual the media overstates everything that is actually occurring in real life; notably, Whitlock does this a lot. When Iverson first came to the NBA, there were the inevitable comparisons to Michael Jordan. Now that he's leaving the NBA, there are, again, the inevitable comparisons to Jordan (except this time, they're used to highlight Iverson's shortcomings).
Yes, Iverson did not live up to the hype but that's because the hype was overblown. Very few guys actually live up to the media's interpretation of what they are and when they fail, the media overstates that failure.
Take football; Belichick was considered a total failure in Cleveland, then an instant Hall of Famer in New England, then a cheater with no actual skills after Spygate. Hyperbole sells and the media takes advantage of that fact all the time.
And of course, with the increasing importance of the "what have you done for me lately" mindset, everyone just assumes that the current characterization of what a player is, is what he was all along. Now that Iverson has failed in Detroit, he's a failure all along.
I'll remind everyone that KG was headed in the Ewing direction of a great superstar that never won anything, until his T'wolves reached the Conference Finals and even then, it took a trade to the Celtics to turn him into a winner. Now though, everyone ignores the years of failure in Minnesota by shunting the blame onto his terrible supporting cast there.