I'll believe it when I see it. Personally, I think everyone is hyping about this storm too early.
It's completely understandable when it's the first serious threat for the US in 3 years, but I kinda feel the same way you do. We have been dodging so many bullets with these tropical cyclones it's hard to believe we could have something significant on our hands, but we can dodge the bullet for only so long and because of that I'm still going to treat Irene as a serious threat unless there comes a point over the next several days that it shouldn't.
EDIT: RECON Hurricane Hunters report
SFMR
Peak (10s Avg.) Sfc. Wind
66 knots(~ 75.9 mph)
Might have
Hurricane Irene soon...