David,
Whether or not it's overrated has everything to do with how you rate it in the first place,
I spent a month there with a member of Waterville who grew up in the town in 1991. Played it probably 20-25 times(often 36 a day).
I also played Dooks (which he and his friends didn't think much of-I loved it) Killarney(both courses),Tralee, Ballybunion(both courses), Carlow, Kilkenny, Little Island and Mt. Juliet.
I also played it again in 1992 and 1997.
Waterville was very good,but it did have a few bland LONG meadowy holes and odd water hazard on a par 3.
It's been redone by Tommy O'Fazio (no doubt in an old fashioned Irish tradition
) The course always had a slight American feel to feel to me as compared to Ballybunion and Dooks.
What stuck out at me the most was its' BIGNESS at the time.
It was plenty long from the whites, and even though the blues were an option, I never played more than a couple holes off of them. It was quite wet that summer and the ball and drivers then weren't nearly as hot.
The pro Liam Higgins is a great guy, larger than life,great storyteller,ladies man ,long hitter-very colorful and friendly.
His son may be the pro now.
The town is also a lot of fun, but everything in Ireland has changed a lot since prosperity has struck. Not quite as friendly, much more expensive, much more crowded and touristy.
All in all I'm sure it's still quite good, I just have a hard time getting excited about a Tom Fazio course across the pond when there is so much great stuff in England, Wales, Scotland and the rest of Ireland (particularly the northwest), which isn't overrun by tourism.