Yeah, hoax is definitely the wrong word - I think S-Quad hit the nail on the head, to be honest!
It was a tremendous disappointment, on the whole. When I first heard about it, I was quite excited, especially when I saw the new 'state-of-the-art' CGI title sequence. Then the cartoon started...and it was the same stuff I'd already seen. Except for the CGI scene-change segments, which were (and still are) incredibly annoying. The novelty wears off fast, and they usually wind up repeatedly chopping a second or so off the actual cartoon each time, meaning that someone often doesn't get a chance to finish their sentence!
If they were going to do a G2 cartoon, they should have just done it, rather than give us the 'repaint' version.
Most of the toys, however, rocked somewhat. I was a particular fan of Stealth Assault and Laser Rod Prime.