No, this Waterford fully deserve a crack at KK and an All Ireland Final appearance. This Waterford team have won 3 Munster titles in recent years and lost 5 All Ireland semi-finals.
In the last 5 years, KK have been the best team followed by Cork and then Waterford. Tipp are starting to improve again but they are not the force they were in days gone by having only won 4 All Irelands in the last 40 years. Tipp were beaten by Wexford last year. They are still in the same league as Clare, Galway, Wexford etc...
Which is why they shouldn't have been classed as underdogs. Tipps hurling has been very good to watch but noone can say that waterford didn't deserve a final after so many years of nearly getting there, I just hope that getting there isn't regarded as a great achievement or they will be well and truly walloped by kilkenny.