Cutler is a very high quality QB. He's cut from a different cloth than a lot of the other QBs in this draft. When Saban was overheard to say that they would be doing pretty good to come out of this draft with Jay Cutler, I think he was just flat out telling the truth. We WOULD be doing pretty ok.
Overrated/underrated...hard to really say at this point because I'm not sure exactly where he's rated period. If you don't know where a player is rated you can't tell if he's over or underrated...and not to mention we're a little early in the process to be making that judgment anyway because we've still been presented incomplete pictures of the REST of the guys in the draft. And remember, this rating stuff is all relative. It's all fine and good to say a guy's not worth the number #5 pick in the draft, but if by some coincidence he happens to be better than all but 4 guys in the draft because the draft appears to be weak, then the reality is that he is indeed worth the #5 pick.