I wouldn't call myself a hedonist, though I do appreciate pleasure for what it is. But there is also such a thing as excess, which is what hedonism was in some ways condemned as excess, beyond moderation of pleasure.
In its modern usage, hedonism does carry connotations of excessive indulgence. Basically, it only refers to the fact that we naturally value that which we find to be pleasurable. It forms the foundation of all higher, abstract values.