Exactly, there was a lot of hype too but at its core things would have gone wrong if we hadn't done something.
As a BTW, I was working at what sounds like the same company as Ed but left a few months before Y2K. It was quite a good place to work.
The place I joined after had me in to cover Y2K even though they insisted on powering down the servers from 10 until 1am. So, for several hours we just sat around and played Quake while eating Pizza. My boss had at the time suggested I set up an exact mirror of PROD so we could use that if anything went wrong....... until I pointed out what the word "mirror" might imply..... :-)
As for "project fear" I always had the impression that was a better name for UKIP's strategy.....