In its context, no it's not overrated. It doesn't have the numbers of many much worse shows, plain and simply.
In the context of what made the show actually good-- the first few seasons when it was a genuine character study, it's positively underrated and then some.
In the context of the later seasons, when the 15 year old boys, and 15 year old-minded fanboys got a hold of the internet and Gilligan realized that's all that mattered to him, it is incredibly, incredibly overrated.
In its context, no it's not overrated. It doesn't have the numbers of many much worse shows, plain and simply.
In the context of what made the show actually good-- the first few seasons when it was a genuine character study, it's positively underrated and then some.
In the context of the later seasons, when the 15 year old boys, and 15 year old-minded fanboys got a hold of the internet and Gilligan realized that's all that mattered to him, it is incredibly, incredibly overrated.