Mixed messages from Y2K
Alister, in my experience both you and Tim are correct.
There was a lot of time and money spent on Y2K. Much of this was necessary, and had it not been spent then there would have been real problems.
There was also a lot of hype, wastage and bandwaggon-jumping. Also upgrades or expenditure that was difficult to make a business case for if stand-alone was rolled in to the Y2K "gold card" / FUD factor.
I was a programme manager on Y2K - hence the grey hair!