Gonna' go on record as saying that saying Ocarina of Time is overrated is, in fact itself, overrated.
That is all.
Except that the game actually is overrated. Not in the way the OP is defining "overrated", but in the usual definition of the term, yes, it is.
It is a truly excellent game, but it does have its flaws- the story is extremely basic and cheesy, it started the "Zelda games that copy LttP" trend, and the dialogue is definitely in the worse half of what I've seen from Nintendo.
I haven't played OoT in a while, but that's what I'm remembering.
I'm also gonna go on record saying that Metroid Prime falls into the overrated category: it is a very, very good game, but when playing it I couldn't help but notice that a very great deal of its items (beams in particular) and environments are lifted straight out of Super Metroid. Not so original as it's sometimes hailed to be.