McGrady was overrated for the longest time; however, I think people have finally come down to earth on him.
In my opinion, Chirs Bosh and Carmello Anthony are overrated. Because they were drafted in the class of Lebron and Wade, they get lumped together as being of the same quality, when they are not.
Carlos Boozer is overrated. I know no one thinks he is a hall of fame player, but I'm still not impressed with his game. He gets way too much credit. He's chronically hurt and not even a number two option on a championship team.
Tayshaun Prince is overrated. He used to be underrated, but those days are long gone. He's nothing more than fifth man who can play some decent to good defense. He's not the great versatile offensive player and defensive specialist people claim him to be, though I will credit him for being quite the iron man.