Overrated?! Nonono. Fox and Falco are both more-than-viable Top Tier fighters in melee. Overused, like the other Top Tiers, yes. But overrated? No.
For sake of being a Brawl fanboy that I am... Fox is effectively, middle tier in Brawl. Falco is Top. Who's better now? ;D Fox can go Do A Barrel Roll! off the stage.