After reading through this thread, I think its safe to say that the consensus #1 underrated player in the league is Backstrom. Personally while i agree he is underrated, my number one underrated guy is Kessel. Kessel has been harshly criticised since before he played his first game as a bruin. Even more so when he was traded to Leafs. His goal production has always been elite. Last year he was one of the best players in the playoffs, winning his first cup. I believe he had more goals, points, and a better +\- than conn smyth winner Crosby. Yet nobody mentions him at all, and when they do they are often critical. Honorable mentions for me go to Bergeron, Carter, and O'Rielly.
As for overrated, it seems less obvious who the the consensus choice is. From my counting, guys thag recieved multiple nominations are Ekman larson, Price, Toews, Stamkos, Nuggent hopkins, and Ekblad.
My choice is without question Price. He may very well be the best goalie in the league... but the way most everyone talks about him is ridiculous. If he is the best, there are others not far behind. He is a perfect example of the placebo effect, being drafted #1 to a legendary team, and a team that has a history of having elite goalies. Everyone said he was the chosen one, and despite quite frankly not performing overly well, had been repeately and repeatedly forgiven with claims that his potential trumps his average performance. He eventually had a career year, winning multiple trophies. He also was chosen to be the goalie for olympics and world cup. He won gold, and you cant take that away, he played solid. However he did not look exactly stellar... not to mention he played with a group of guys in front of him who are some of the best players of their time, who played a very stifling brand of hockey to ensure winning games. Some have said the olympics was the strongest defensive effort by a team in history of the game. Hard to argue against that when you watch the games. The thing that gets me is he is still regarded as the best goalie in the game, some even go as far to say best player, yet he has never done anything in the playoffs in 9 seasons. Halak took habs to conference finals in 2010, and stood on his head stealing games. Price has yet to get past the second round.
18 goalies currently playing in the NHL, have a better playoff win %, a better playoff GAA, AND a better playoff save %, than Price. He is a really good goalie, but has not made the Hall of Fame yet ... if ever people.