Is Mad Men overrated?

I've tried watching this show, but it feels like a triumph of style over substance. It is gorgeous to look at, but there's hardly any plot to speak of, just lots of people smoking and staring off into space all emo, brooding about the terrible ennui of their easy, pampered lives. They toss in some social oddities of the 1960s at random and there's some mildly entertaining banter from time to time but that doesn't save a show that doesn't go anywhere... I just don't understand the hype.