Bay Hill is not overrated. The people who don't like Florida golf will never hold it in high esteem. As Florida golf goes, Bay Hill is deserving of its solid reputation. Nice elevation changes, unique and challenging golf holes (8th, 17th, 18th), strategically sound, excellently manicured and a nice atmosphere thanks to Arnie. Not to mention, the course has pulled some historical moments from the pros: Gamez's epic 176 yard 7-iron, Don Pooley's $1,000,000 hole in one on #17, Daly's huge score on #6 trying to drive its par-5 green three times, Tiger knocking it stiff on #18 and draining the putt to break out of his "slump."
Spanish Bay is another course that deserves more respect, not less. So what if it's marketed as a links course and has some environmentally protected free-drop areas? It has good variety, some terrific target golf on the back nine, great aesthetics, unbelievable natural setting, superior conditioning.
I think the grossest examples of overrated courses are PGA National (what a factory golf experience!), Doral is another assembly line of soulless golf, Pasatiempo ruins more good shots than any course I've played. Southern Dunes in Florida is also highly overrated.