Overhyped, certainly, but yes, probably not that overrated. Maybe a tiny bit with Fable 2, but there was little fundamentally wrong with the game.

Overrated: Final Fantasy VII(though it is an okay game), New Super Mario Bros. Wii(yawn)

Extremely Overrated: Call of Duty Series

Underrated: Earthbound, Terranigma, Dragon Quest, Grandia, Wild Arms, Tales Series(other than Symphonia), most are Japanese JRPGS that don't get attention in the U.S.

I mean the whole series, but in particular Fable 2.

Overrated
Assassins Creed games, The Elder Scrolls Skyrim, Call of Duty games, Resident Evil 5 & 6, Gran Turismo 5, Pokemon Black & White (and B&W2), Crysis games and Half Life 2.

Underrated
Demons & Dark Souls, Ico, Ratchet & Clank, Resistance 3, Rayman Origins, Metal Gear Solid Peace Walker & Portable Ops, Gran Turismo PSP and Kirby games.

Wat? :o

Those two games...are not overrated in any way. ._.

I'm assuming this is this gen only. And only going by games I've played for at least a few hours hence only a specific Uncharted, Gears of War, and Forza game. 

Overrated:

Metal Gear Solid 4
Uncharted 2
Gears of War
Red Dead Redemption
Torchlight II
Call of Duty 4
LittleBigPlanet
Forza 2

Underrated:

Left 4 Dead
Vanquish
Bayonetta
Just Cause 2
Infamous
Valkyria Chronicles

You are right that this has been done before and the problem I have with this is it turns into these things.

1. People put over rated games that they have not played.

2. Over-rated games are from genres they do not like.

Both of the above are biased opinions.

3. Under rated games are genres they typically like more than ones they hate

4. Under rated games are often games that are already popular in the first place.

I played them (game and episodes) a few years ago and thought they were not nearly as good as the praise they got; now thats not saying they are bad games, they were good. Episode 2 was great though.

Ya, their sales and hype say they are. Especially RE5.