My take is that yes, it's a complete buzzword for the following reasons:
1) Too many people equate SOA with only web services.
2) Re-packaged message brokers and other obsolete technologies (visual programming) as "ESBs". Ironically this leads to vendor lock-in and less flexibility because you don't have the source code.
3) No focus on where solutions are appropriate -- maybe FTP is an appropriate method of transfer for data which isn't necessary right away but needs archived, maybe HTTP is too prone to failure (or blocking) and a message-based architecture is more appropriate -- just EVERYTHING IS A WEB SERVICE!
4) Too much focus on re-usability and flexibility makes an architecture sloppy and limp, and takes away from simply solving the problem (or solving the problem simply).