Not overrated at all.
His new shit kind of blows, but everything from pretty hate machine, broken, to the downward spiral was great stuff and highly innovative. It was industrial that was actually accessible to the masses.
He almost completely lost me after the perfect drug. Since then good songs are rare.
https://youtube.com/watch?v=IaeIP1NiF1M&fmt=18
https://youtube.com/watch?v=q8Q9XwC0GEo&fmt=18
(server with the Highqual versons seem to be overloaded ATM :/)