I voted for the "with ease" option. But in fairness, that's because as a baseliner: (1) I've got to be pretty good at hitting that sort of shot, and (2) I virtually never have to face one, because I come to net about as often as Karlovic gets deep into a claycourt event.
As to whether it's "underrated" or not, I suppose the question is too subjective. It's certainly not underrated by savvy baselining club-level players. I use them a lot, and I see a lot of other players at 4.5-5.0 using them frequently against net rushers.
You don't see them so often in the pro's because: (A) it's tough to hit a decent topspin lob off a serve or a really good, deep, low approach (and those are the only times a pro is coming to net), (B) the lob has to be WAY better than merely decent against a net storming pro -- it has to be about perfect. Anything less than perfection, and a 7.0 overhead puts that lob away every time.
Which, BTW, is one of the big reasons it's a great club level shot. It doesn't have to be nearly so perfect, because "pretty good" is usually good enough to stymie even a 5.0 overhead, and at least draw a weak overhead reply, which then lets you tee off while the net guy who has just pushed back a half-assed overhead is now stranded in no man's land.