Rondo is just an average point guard. His game looks a lot better than it is because he is playing with three hall of famers (just like Perk was). Rondo gets a lot of love for a few reasons: People like his name--Rondo! He has the ability to make flashy passes. He is a good looking guy.
The idea that Rondo is a top point guard is really just a media created myth. In no specific order, Rose, Williams, Paul, Wall, and Westbrook are all of the younger guys who are clearly better than Rondo. Of the older guys, you could argue that Parker, Nash, and Kidd are still presently better than Rondo.
Rondo is more comparable to the level of Brandon Jennings or Stephen Curry. He is no where near the level of Rose, Williams, Paul, Wall, or Westbrook. He just isn't.
Rondo plays no defense! Seriously. He gets two and a half steals a game, but he lets his man blow by him 95% of the time.
Rondo is a bad floor general. He holds onto the ball for way too long, this has been worse recently but it has been an ongoing trend all season, and passes it with clear intent to "pile up the assists."
Rondo turns down layups to get assists--do I even need to elaborate on this?
Rondo doesn't attack the basket because he cannot make free throws.
Rondo doesn't play hard for the full game. I can't remember a "star" player to take off as many plays as Rondo seems to. Pierce said in an interview, at the half of an ABC game last year, when they were interviewing The Big 3 about Rondo, "That Rondo has to learn that, to be a star, you have to bring it every night."
Rondo is still an unbelievably flawed player, who has no offensive game to speak of because he's too scared to do the one thing he should be able to (attack the basket).
So in conclusion, yes, Rondo is overrated. There are probably eight point guards in the league clearly better than him. Then there is the next crop that Rondo belongs in.