I also believed the hype, got myself a leftover bottle, and was severely disappointed.
There might be something to this degradation hypothesis; many say it smelled different to them at first.
The lemon is incredibly pungent and overly sweet, the rest is just smoke. I know it's already considered old, but it makes you think of an ashtray, that's it.
It's a very strong scent; 4 sprays were too much, and it lasts forever.
I wore it once while going out, luckily I was drunk enough that I didn't care.
My brother has a new decant directly from Mancera, and he said they smell exactly the same. I haven't made the comparison myself, but mine is an old bottle with a screw cap.