Most of his hype was vague, or from non-cannon sources. And even that seems to now be getting S#@$ on by Kishi. Look, let's be fair, I am sure he was a Kage level ninja. No doubt he wasn't weak... the thing is, at this point in the manga we have been introduced to dozens and dozens of Kage level ninja... of whom the 3rd Hokage is but one. I'm happy to accept that given his rep and circumstances (he was Kage of a major village, chosen by the obviously competent 2nd Hokage to succeed) that he wouldn't be losing to scrubs like Konohomaru, or even Jonin type guys like Hidan, Darui or Asuma (duh). But to take him against other Kage level guys, he needs an argument... one with feats to back it up, or at least a plausible explanation of how he could win. None of those things are present in a comparison with the 3rd Raikage (who let's remember, has a good rep too... he fought off 10,000 enemies for 3 days and nights).