He is overrated in many ways. Yes he is very talented, yes he can beat top players on a good day, but how many players can we say both those things about. It isnt true that he had the potential to win 8-10 slams if he just focused as some seem to suggest. He also cant just beat anyone anytime as some suggest either. He is no threat on grass, his fluke Wimbledon final in one of the worst Wimbledons ever in 2002 notwithstanding. On clay he is somewhat a threat, but a lesser one. In fact the only surface he has beaten any of the real top players and won any significant titles in the last 5+ years has been indoors, and no almost doesnt cut it (eg- the round of 16 vs Nadal at the Pacific Life).
People brag about his owning Federer when his overall head to head now trails 8-10, and when he has lost 10 of their last 13, and not beaten him on an outdoor court since 2003 now. People like to build up his ability to win any tournament or beat anyone when he is on when the only surface this is true of is indoors, and maybe a slow-medium outdoor hard court. Lastly he is too evaluated on his perceived potential and not his results, like many of the other "underachieving" types.