I dont think they are over-rated, they are one of the biggest bands in the world...ever. Sell record's by the millions, sell out every tour they do and do actually produce some very very good music.
Songs like, Where the streets have no name, With or without you, Sunday bloody Sunday, New year's day, Beautiful day...all stupidly good records which still sound good today imo.
My problem, as is many's, is Bono...grade A word removed of the highest order. Super talented, great voice but unfortunatly a complete tool!