Model Inversion (MI) attacks aim to reconstruct information of private training data by exploiting access to machine learning models. The most common evaluation framework for MI attacks/defenses relies on an evaluation model that has been utilized to assess progress across almost all MI attacks and defenses proposed in recent years. In this paper, for the first time, we present an in-depth study of MI evaluation. Firstly, we construct the first comprehensive human-annotated dataset of MI attack samples, based on 28 setups of different MI attacks, defenses, private and public datasets. Secondly, using our dataset, we examine the accuracy of the MI evaluation framework and reveal that it suffers from a significant number of false positives. These findings raise questions about the previously reported success rates of SOTA MI attacks. Thirdly, we analyze the causes of these false positives, design controlled experiments, and discover the surprising effect of Type I adversarial features on MI evaluation, as well as adversarial transferability, highlighting a relationship between two previously distinct research areas. Our findings suggest that the performance of SOTA MI attacks has been overestimated, with the actual privacy leakage being significantly less than previously reported. In conclusion, we highlight critical limitations in the widely used MI evaluation framework and present our methods to mitigate false positive rates. We remark that prior research has shown that Type I adversarial attacks are very challenging, with no existing solution. Therefore, we urge to consider human evaluation as a primary MI evaluation framework rather than merely a supplement as in previous MI research. We also encourage further work on developing more robust and reliable automatic evaluation frameworks.