Nobody really stands out as over-rated to me.
The standard view on the Western Conference is that LA is the only sure fire contender and then there are a huge range of views on who the next 3-4 teams are and how much of a threat they really are to LA. That sounds about right. Only the odd mention of Utah or Phoenix being in that group seems off ... but five other teams (HOU, POR, DAL, SAS, OKC) are arguable. Plus, that they have good depth and lots of competition for the final couple of playoff spots.
In the East, it's generally agreed that three best teams are Miami, Boston and Orlando. Chicago are the fourth best. Atlanta and Milwaukee will be jostling for fifth and sixth positions. And then that the final two playoff spots are fairly open and could be just about anyone.
That seems about right to me.