@firstviolin -- I'm not super-educated on the subject, but I really think that this article got it right.
Vitamin E does fight free radicals, which can be a big factor in the aging of your skin. I work in a natural health store, and though I've never tried the vitamin E powders and creams and what not personally, I know several people who work with me who swear by them.
So, from my limited knowledge, I would say that this article definitely got it right. Of course, vitamin E is not some kind of wonder-cure; no vitamin is.
And I do understand what you're saying about all the hype making it sound too good to be true.
But I really do think that some people can benefit from a little extra vitamin E in their diet, and to be perfectly honest, it couldn't hurt (as long as you don't overdo it.) Why not try it for yourself and let us know how it goes?