He's definitely overrated by Shaq, but I can think of a ton more players more overrated than Amare. If I had to pick a team of overrated all stars, my starting five would be:
PG: Tony Parker
I'm not sure what this guy is great at except getting into the lane and shooting floaters. The only problem is he misses his fair share of layups, and more importantly, watch how often Duncan's defender refuses to leave Duncan on Parker's penetration. This fact makes Parker seem more effective than he really is. He can't shoot very well, awful from three, poor defense, overrated passing, constantly an all star but only 3rd best on his team. Steve Nash, because of his back to back mvps, is also overrated, but not nearly as much as Parker. His finals mvp is one of the biggest shams I've ever seen for an award in sports, along with Brady not winning it while leading the NFL in passing with Reche Caldwell as his #1.
SG: Arenas
Ok, he currently doesn't start, but he will soon. Skills wise he's not uverrated, however his team is worse when he plays. Almost every announcer calls him one of the ten best in the game. Offensively, perhaps, but not overall. For all his game winning jumpers, he seems to clank a lot of 4th quarter shots and hasn't had much playoff success.
SF: Vince Carter. Super underachiever, team cancer, contract year superstar, poor defender and often merely a jumpshooter.
PF: This to me is the toughest call, because there isn't an all star level guy that I'd consider overrated by much. If I didn't think you guys were smart, I would say Ben Wallace or Jermaine O'Neal. But since I do, I'm going to go with Chris Bosh. I want to say Elton Brand, but to say him would only be because of his health, which I don't think is enough.
Until this year Bosh was in the conversation for best young big with Amare and Howard and Jefferson, but to me Bosh is simply an offensive jumpshooter whose defense is not that strong. Amare has way more moves, like Amare Bosh benefits from playing with a great pass first pg in Calderone, and Bosh's stats are inflated because no one else on his team can really create a shot. To me, Bosh's defense is just as poor as Amare's, and for the second straight year it seems like he won't win a first round series.
Josh Smith is an intriguing possibility but for my purposes he isn't an all star caliber player yet. He's also miles ahead of Bosh defensively, rebounds just as well despite being smaller and playing with a truly primo rebounder in Horford, is a better passer.
C: Yao Ming. I'm gonna get it for this, but Yao Ming is one of the worst defensive centers I have ever seen. He can't stay healthy, he gets absolutely abused in the playoffs, he can't move off the ball or get position very well, he should be a way better rebounder than he is at 7'6'', and he should be able to do more at his size than shoot a baseline turnaround jumper. I would say Brad Miller but I don't think anyone really thinks he's very good, whereas Yao Ming gets MVP consideration.