Peter Molyneux? No, he's overrated - mostly by himself! The guy's constantly talking up his games but they never materialize in the form he promises. Not to say he's bad, he just can't make his games live up to the product that's in his head (and comes out of his mouth).
As for Rare, I think people tend to over-rate it's past successes - and I love Rare. But truthfully, aside from a couple of winners like Goldeneye, the company has always made quirky games that stand out from the crowd, but aren't necessarily the classics people seem to remember. If we're going to go by review scores, try comparing Killer Instinct or Jet Force Gemini to Perfect Dark Zero or Viva Pinata on a meta-review site.