Underrated: Bill Nelson of Be Bop Deluxe. Frank Marino of Mahogany Rush. Rick Derringer. Listen to his Guitars & Women album.
Overrated: Eric Clapton. He was a pioneer and certainly great in his day, but he reached his peak years ago and has flatlined since. By his own admission he goes weeks without touching a guitar these days. Jack White. I had to laugh when I saw some writer's top 100 guitarists that left out Steve Lukather but included Jack White. And finally, The Edge. He owns his own style but that;s about it.