I've never been one to say, "Oh that's overrated." This is mainly because that's based on a matter of a opinion. For example, if everyone seems like it, but you don't, then you will probably say that it's overrated because you don't like it.
I think that it is also very important to actually try it before you claim that it's overrated. Who knows, maybe you will like it.
But sometimes you don't. And that's okay. I understand.
Naruto is an extremely popular anime nowadays, especially in America. Personally, I've tried to watch it several times in high school. Then, at my university's anime club, we watched two episodes a week. I stuck around, watched it, and still didn't like it. It wasn't my type of series.
However, I had written the series Bleach off as being similar. Because of this, I never actually watched any of it. But then we watched it anime club, and it slowly grew on me. Now I'm a fan. :)
There are plenty of people that didn't like the hype surrounding the Harry Potter books. I, for one, was a early fan, so I didn't really understand why people were dissing it before actually reading. I have several friends who at first hated it without even reading it, but finally tried it out, and realized that they loved it.
But sometimes, even when you have tried it, you don't like it. I saw Pirates of the Caribbean: At World's End yesterday. Now, I love, love, love the first film, but I didn't like the second one at all. It wasn't the same for me. The third one was better, but I still didn't enjoy it very much. At this current time, I'm really afraid to tell all my friends who loved it that I didn't like it, because my opinion is very unpopular. Because I don't want to hear, "How can you not love it?"
Sometimes we jump on the bandwagon, and sometimes we don't.