It's true that the mainstream media has been overhyping this technology, and some of the mainstream tech media as well (Wired, for instance). From the way everything becomes "3D printing" in the news, you'd think that a 500$ reprap is a few years away from being able to print human organs, cars and houses. Some journalists need a reality check: hobby and consumer 3D printers are able to make simple plastic pieces with some caveats about overhangs. They only recently started appearing with dual extruders. They're still very fussy machines that need frequent adjustment. And those that don't are either very expensive or very limited in capabilities.

On the other hand, there are very legitimate uses for these as they are right now. I guess it's hard to get excited about replacing a broken plastic handle on a beach cooler or a broken knob on a washing machine, but you can make cool stuff with them. I printed a docking station for my Nexus 7 with mine.