I don't know about the most overrated of all time, but definately up there.
It doesn't really matter how you look at it, Rose did not deserve that award. He won it because he was media friendly (young success story, flashly play style, etc) and not because of his play.
People use the argument that he was the best player on the best regular season team. First of all that is debatable. He was the highest scoring player, the flashiest player and the most physically gifted player...that does not necessarilly mean the best player. From what I recall Noah had a much higher Net Rating that season then Rose did, and considering he was the anchor of the Bull's defense I believe that they would have suffered much more if they lost Noah than if they lost Rose.
But anyway the fact of the matter is this. Was Rose the best player in the NBA? No, he clearly was not. Lebron was better and I'd also argue that Wade was too, likewise Kobe. Then there was Dwight, CP3, Dirk, you name it. Rose was definately not the best player in the league.
Was he the most valuable? Of course not. Look at how much talent was on that team. Rose could have been lost for the season and they would STILL have made a strong playoff push. Look at other teams such as Orlando and New Orleans. Without guys like Howard and CP3 those teams would have been bottom tier lottery teams, so what does that tell you about player value?
The award was rigged. Everybody loved Rose because he was young, was fresh, had that "nice guy" mentality, and he simply sold tickets. People got lazy and insisted on simply taking the "most exciting player on the best team" approch to voting, and as a result we got that garbage result.
Rose never has and probably never will be an MVP calibre player. All-Star sure, but MVP? No. Not even close.
Derrick's career averages:
21 points, 7 assists, 4 rebounds, 1 steal on 46%/31%/81% shooting
Those are Tim Hardaway type numbers. Tim Hardaway was never an MVP.