take a look closer at the relationship of these characters.
All huge jrpg protagonists on ps and xbox. except lloyd was GC and PS

Cloud Strife. Squall Lionheart is a close second. Also Lloyd Irwing, Yuri Lowell and Luke fon Fabre.

PS1, PS1, PS2/GC, 360, PS2

i think he';s just trying to piss off HD fans

Cloud Strife is definately up there, followed by.
RED - Pokemon Red.

 Plus I don't hate Luke but everybody hates him so how is he overrated?

A lot of people is going to say either Cloud or Sephiroth... I say Terra (runs away)

Now seriously:

Pikachu...

 Nah man i think he's just f*cking with our heads trying to piss us off.......and it's working

I see your Cloud and Sephiroth, and I raise it with Terra and Kefka (or Cefka, which is his correct name :P).

generic answer is generic (we will see it hundreds-> thousends of times), try to think a bit out of the box

^^ No i just cant of any character more overated then these two

 Seriously, Cloud is overrated.