I think, to be fair to Morrison, the hype hasn't come from nowhere. I remember an article a while ago when he was still at Man Utd, and one of the coaching staff there said he was one of the most naturally gifted players he'd ever seen at the club. IIRC, they were talking about him as the heir to Scholes.
He could well still go down the Michael Johnson/Gary O'Connor/Derek Rioran route, as he seems like a troublemaker, but he's definitely got ability.
ETA: I like Townsend as well, not so much based on this season, but on his performances for QPR last season. There's definitely more to him than being able to run really fast. Kyle Walker on the other hand is a terrible footballer. He makes Glen Johnson look like Carlos Alberto.