So first things first, I'm a fan of SAO and enjoyed what I saw of it (haven't read the light novel), but I do think that it's a bit overrated. All the praise SAO has been getting is a bit exaggerated in my opinion. Nonetheless, I still liked the show. I would actually give it a 3.5, but Crunchy doesn't allow that, so I guess I'll be generous.
Note: Spoilers are ...