Hmm...after some thinking, I came up with several Pokemon who are for me overrated and underrated. (Beware: A block of long text appears)
Overrated Pokemon
CHARIZARD. Many nostalgic fans of the first generation worships this fire-breathing dragon. It's been a staple in many teams mainly in the R/B/Y series. Well yeah, it's a friggin dragon for God's sake... But aside from it's simple yet cool design, there's nothing really going on for this Pokemon competively. In-game it is quite good to use because of its fire typing; it has a lot of type advantages/effectiveness. For competitive gaming however, it sets it place in the bottom tiers. Why? Them stealth rocks, that's why! It has a good special attack and speed but mediocre defenses. However, that 4x weakness to Rock is just hurting this dragon. Overall, it's a decent Pokemon, just not a tad bit worthy of its fame.
BLISSEY. This pink blob of voluptuousness (or maybe chunkiness) is great for stalling and delivering other lulz. But, I don't use it that much in-game because I don't have the patience to search for its pre-evos; that is in the first few generations. And, you won't normally stall in the games, you just hit stuffs and tear down foes! But, it sets its popularity in competetive battling. It has an ENORMOUS base HP and special defense; so, it's just that obvious that it will be used as a special tank. It also has a wide-array of support moves like Aromatheraphy, Wish, etc. But worry not, for you shall kill this fat ball of cuteness and lulz with the right prediction in battles. There are numerous ways to kill this beast. It has an exceptionally low physical defense and speed, so tear it down with physical hits. And Blissey might be in for a bit of a danger because there are many Fighting-type Pokemon around the realms of competitive battling. Still, you need to be careful in switching in to it. FFF...Come on, just look at those flabby lovehandles!
LUCARIO. Come on, isn't it obvious?! Though it does has stellar offensive prowess combined with a cool design...?, it doesn't take hits pretty well. Most of them would carry focus sash in competetive gaming because it dies rather quickly. Still, it does have its merits. In both aspects of gaming, it is a beast and can wreak havoc amongst unprepared teams. No need to worry in-game. But yeah, I agree with the others; he is a bit overhyped which is annoying.
SOME Special Mentions:
Haxorus, Umbreon, Ash's Pikachu
Underrated Pokemon
MISMAGIUS. This ominous witch is overshadowed by the likes of Gengar as an offensive threat. But it does have a few bag of tricks under its sleeves. Personally, I love Mismagius. It's actually quite a versatile Pokemon; it can go offensive with a Nasty Plot set, it can stall with a Perish-Trap set, and it can even go specially defensive. This Pokemon has a special spot on my team 'cause it saved my sorry butt in fighting some of the Elite Four several times now.
ALTARIA. This adorable, blue bird/dragon/peacock thing with cotton for wings is actually useful; surely not as much of its much better cousins, Dragonite and Salamence. Still, it's a good Pokemon in its own rights. Usually if Altaria is in my team, she serves as my defensive-mon especially in the R/S/E days. This Pokemon has averagely good defenses and also a good typing. If times were hard, I use Rest+Natural Cure to recover from damage. It has mediocre offenses but who cares; the dragon is made mainly to be on the defensive side. I don't know, I just love this little guy...
VENUSAUR. ARRGH! My dear Venusaur..the first starter I chose in the first generation. The poor little thing was not as popular as its fellow starters but there's something about the Pokemon that made me choose him. Well yeah, I liked its design; he actually is kinda cute. Also, this bulky Pokemon is a beast in battle; he's lots of fun to use in-game. Just put your foe to sleep and proceed to wreak havoc amongst teams. Though competitively Venusaur is considered as a UU Pokemon in the four previous generation, in the fifth he is making a comeback bringing him with the ability Chlorophyll. So when the sun's up, his mediocre speed will double and will reach to a huge level. For the most part I like his versatility; he's a great status inducer and can stall well, his good defenses gives him bulk, and surprisingly he may be utilized as a physical or special sweeper using a Growth set. Now, Venusaur is actually doing quite well in the Pokemon environment but still, he needs more love!
SOME Special Mentions:
Jumpluff & Whimsicott, Clefable, Walrein
Now give 'em Pokemon some lovin'! <3