Putting down Tool should be an instant suspension from the board
The Hip is overrated? Man, I didn't know they even rated outside of Canada. I am not a big fan of some of their newer stuff, but it is nice to listen to their older stuff once in awhile.
The new Met-Trend-ica is highly overrated as well.
How about underrated bands?
Gandharvas. Grab a song called First Day of Spring. Then listen again. They are a local band that got a little shot in the spotlight with 'Downtime'. Eels is cool as well, though I have yet to hear their latest.