My region is getting an IKEA this Spring. Is the hype of needing to visit this store truly warranted?

Don't know really. But have gone for over six decades without it.  Whatever it is. 

Much of their stuff is crappy quality.

If you buy a cake there, when you take it home and open the box you will discover 2 eggs, margarine, flour, sugar, and pictorial instructions.

(Hopefully, you have a cake pan at home already.)

It will take about an hour to assemble your cake and ready it for use.

No

Hype is rarely warranted on anything commercial; it's just salesmanship -
and of course no one in business will tell you the disadvantages of their products.
Hype is always at least half con.

IKEA has an interesting model - all of which is aimed at cost savings.
Cruising through the displays is good for seeing new ideas in how to design for space saving.
It's style is egalitarian, simple and modern.

Not everyone finds it easy to follow the instructions for putting the furniture together - has been a successful topic for comedians.
Many of the materials are bad for the environment and for health within a household. Chipboard, plywood and laminated plastics give off carcinogenic fumes for up to 14 years after the date of manufacture. In a fire, the synthetic materials are highly flammable and give off lethally toxic gases.
Not built for high durability, meaning built-in obsolescence and no re-sale value - the old stuff ends up in landfill.

From my point of view, the two best ways to furnish cheaply are to buy second hand and do one's own renovations or upholstery.
Some of the really old furniture is made from solid wood and natural fibres - much healthier - easy to adapt  for greater comfort.

Or design and make one's own furniture from recycled materials.
Means your home ends up uniquely expressing who you are, not just a clone of every one else.

The marketing paradigm seems to be that all customers are browsers.
Show them something green and they will nibble on it.
Tell them it is on sale and they will get all eager and not worry about the prize.

Her in DK you can buy sugar two ways. in 1 kilo bags and in 2 kilo bags
The 1 kilo bags cost 7.85 Dkr each. the 2 kilo bags cost 17.85 Dkr each. It has been like that for 4-5 years.
Most people buy the 2 kilo bags, they have the words "ECONOMY SIZE" printed on the bag.

Maybe the Marketing paradigm is correct.

I think it might warrant a visit to check it out for yourself.  I don't believe the "hype" until I see things for myself.  We've been to IKEA a few times, but their stuff isn't really our thing.  Our son likes it since their stuff fits more into his decor and lifestyle.  

It's an interesting place .. luckily, you can look around and it doesn't cost you a thing.  :)

If you like God awful modern design it is okay. Other than that it is hideous particleboard garbage . Low quality in ugly blonde wood and ugly shapes.