Yes, unfortunately for his fans he is indeed overrated.
Reason's being - In his 23 professional fights his most impressive wins have been over Evan Tanner and David Loiseau, neither of which are A level fighters. He has faced 2 world class fighters and was KOed in both of those fights (Anderson and Machida, those that deny Machida is world class will continue to hate all the way to his title shot and title) and was completely decimated in both of those fights, doing next to nothing in either.
That makes him overrated because this is the guy Dana White was calling "the best MW on the planet" and nearly every MMA website had him ranked #1 over Hendo so obviously most people bought into the hype.
To be ranked #1 and called the best MW on the planet while Franklin's biggest wins to date have come against Tanner and The Crow and when facing 2 world class fighter (when Franklin himself was supposed to be world class as well) he got completely destroyed there is no other way to call it, He's overrated.
Dana White - "Fedor is a farce"
Fedor - Destroys Sylvia in 36 seconds