I love the 1911 for many reasons.
1. The history. Few firearms come close to the length of service this pistol has served, and is serving with LEO and the military. Plus, it's just a classic. It feels like a tried and true friend that has been faithful to those who carried it for almost 100 years. It's as American as a pair of Levi's,, you just feel good when you have it on.
2. The aesthetics. I love the look of an '11 and how naturally it points.
3. The flexibility. the only aftermarket competition for the 1911 is probably Glock. The amount of trick parts and mods out there are endless.
That isn't to say the piece isn't without flaws. The amount of makers out there reduces the quality as they try to drive down prices. Producers like Rock Island Arms or Charels Daily use sub-quality manufacturing and bring out problems. But, when looking at the original piece, you have a reliable, naturally accurate piece that can stop with 1 round.
For that, I say no, the 1911 is far from overrated, simply not always produced to quality standards.
AND, not to start a fight, I personally think there are other guns much more highly overated, in particular, the 92.
Underpowered, too large, and wears much more quickly, but this is just my opinion. The only reason I bring this up is that every damn movie or video game I see, someone is outfitted with this or a glock.