I think it is a tad exaggerated. He's got arguably better stats than Ryan Miller this year (.02 worse GAA but .12% better). Better stats than Brodeur. Very similar to Lundqvist.
He's middle of the pack right now, and that's good enough for at this point. We'll need him to get hot in time for the playoffs (like any goalie needs to be to go deep), and hopefully he can.
Stats don't matter though if you're following my case at all. I'm sure Luongo will manage to put up roughly comparable career stats this year, but that doesn't change the fact that he is a fantastically flawed goalie who can't move worth shit and looks ridiculous on a lot of the goals he does give up... and oddly often in the playoffs.
I'm not trying to bury the guy, but there just isn't any evidence that he's corrected the abundantly clear flaw in his game that has plagued him when it counted the last couple years, and limited him to mediocrity when it didn't. So why would I continue to think this guy is in a state to get back to the point he once was, and for that matter ever going to be sound enough to stop giving up bad goals that a lot of guys could get? And that has proven to be an ugly mixture come playoff time already. (not to repeat)
By the way, I don't accuse him of mental problems or lack of work ethic as most people usually do to a player not performing at par. That would be fatuous, because no one has ever questioned his will, but the skill seems to have degraded before the spirit (and sadly the paycheck) gave out.