Now I don't really know whether he is considered overrated, however:
I absolutely detest Sammy Haggar, first he ****s up Van Halen by replacing David Lee Roth, then he co-joins with one of my favorite guitarists (Joe Satriani) and writes cheesy lyrics for the mediocre superband Chickenfoot. (I wish these guys would take lessons from Them Crooked Vultures really)
It just seems like everything this guy touches musically slowly dies and becomes lame.