Byron--to start off, my overrated/underrated assessments are based mostly on the Golf Digest star and Best in State rankings, for whatever stock you want to put in them...
Legacy--Rated 4 1/2 stars. No way, course is boring, has very little character, and poorly conditioned. 3 1/2 at best.
Mid Pines--4 1/2 stars, 25th best in state. maybe I can agree with that, but no way is Mid Pines better than Tobacco Road, TR is not top 25 (according to GD), therefore IMHO, Mid Pines is not either.
The Pit--4 stars, former top 15 in state. Poor conditions, playing characteristics bordering on goofy. 3 stars, top 50 at best.
Hyland Hills--4 stars, last time I played, had very poor conditions, very little variety or aesthetics. 3 stars at best.
---I think there are others slighty overrated, but those are the only ones that I feel are grossly overrated. In general, I feel that most clubs in the Pinehurst area are slightly pumped up more so than they deserve, while very few are underrated. Southern Pines CC is highly underrated, I feel.