this is what i have heard is said, but every site I can find regarding Chabad has numerous references to the Rebbe, so even if they are not considering him the Messiah they are still very much concentrated on him. Is that bad? I dunno - but it's something that I have a hard time with personally.
Rebbe Schneerson helped many people and really was the driving force behind so much of Chabad's outreach programs. I don't think it's bad to admire him.
However, on the last telethon, at they end, some people were dancing with a huge portrait of him.