My guess is that you haven't used older, bit reduced digital delays (like the Korg SDD3K, for instance). The TF nails that sound–issues of hi or low pass filters aside for the time being. I'll say it again. I A/B-ed my Korg SDD3K with the TF, and I then sold the Korg. If you don't happen to care for that bit reduced sound, fine, but it's certainly not an inherent weakness of the TF. It's pretty much a dead on accurate reproduction of that particular sound. I love it. All of my UF and JT era U2 delays are covered by using the vintage delay setting.
I own a Memory Lane, and I've owned the Maxon AD-900 *and* AD-999. I also own a Fulltone Tube Tape Echo. If Eventide can make the tape echo sound a bit closer to the real thing, great. If they can manage to put a Bucket Brigade, analog sounding delay in the TF somehow, even better! But that really is asking one box to do just about every delay style imaginable. That's a tall order. Personally, I think if you have a TF and/or a Memory Lane (or a Fulltone TTE), you've got all your delay styles covered.
The TF is definitely not overhyped–not by a long shot. They don't just hand out Guitar Player Editors' Pick awards to anyone for no good reason.
Jeff
