I will assume your "failed to deliver" comment is specifically referring to World Cups because otherwise it is demonstrably false.
We were not favourites in 2003 which is ironic because our loss in the '03 semi-final is the only NZ performance I would be inclined to call a choke.
Obviously it was in reference to World Cup's.
We were definite Favourites to beat Aussie in that Semi and we would have been at least on par with England in terms of favouritism if we had made the final. We had been playing good rugby up until that loss.