The most underated is the Benoni. It directly challenges the strong pawn center white is trying to build. The Polish can also be useful for ratings less than 1800 because a good defence is not widely known.
The most overrated is d5 for black. According to game explorer it is extremely popular for a move that gives White a definite higher probability of winning.
Wow I cant believe that many people think the advance french is overrated. Actually I would struggle to believe that ANYONE would think this. It's one of the most underrated lines going. It's a perfectly fine choice for white and has been played by several top players and is played regularly by a few, and yet still there's this myth (usually among just-past-beginner players) that it's a beginner move. It's the very definition of underrated. Usually it gets much more respect from higher ranked french players than lower ones though where perhaps it is neither over nor underrated.
I should clarify. The French Advance is a perfectly reasonable response to the French. In fact, many GM's would say it is the best response. It may be. I don't claim to know.
But what I was referring to is that it is basically THE default move in the French for people who don't really know the French. Why? Why play a line that your opponent no doubt knows a lot better than you do? I think most beginners are better off with the Exchange, as it at least opens things up and gets you out of the traditional French setup, which your opponent obviously wants to play, as he played 1.e6 to start with.