The trend I find most dissapointing is a good maker that sacrifices quality in order to boost profits. It's a one-way path, no going back.
Best example off the top of my head is Cold Steel. Way back when, these were great knives - quality all the way. These days...I wouldn't bother looking at one.
Most other makers vary. Even after carring them for years, I love the way my Benchmade Stryker and Spyderco Goddard (Micarta) feel and cut. OTOH, the AFCK and the Military didn't work for me at all.
'Overrated' tends to equate to 'Overhyped', and that's a function of personal taste. Most (other) people can't imaging spending $100 on a knive, much less $1000. But I'm willing to bet everyone on this forum has a blade they would be willing to spend that much on, if they could find it. (And convince the wife.) "But, honey....It was the Damascus Combat Talon II Microtech displayed at the 2000 SHOT show!" Certainly she would think it overhyped.
No, I'm not picking on women. I love giving knives as gifts to the women I know, and each of them has loved it. That Spydie Military that didn't suit me? My girlfriend loved it, is carrying it now.
I'm not going to call a knife 'overrated' unless I've handled it and regarded it as actually unacceptable for the job is was designed for. Cold Steel, CRKT, the current Emersons...I would have to call them overrated.