Underrated: I agree, the Thermacell is up there. Also, the G5 Arrow Squaring Device. I finally got one for Christmas. This is a fantastic tool!
Overrated: I can't think of anything at the moment, but in a nutshell, any piece of equipment that can't pull double duty. If it's a single use item I don't buy it. I like for my equipment to multitask.
I'm sure some of you are wondering how the ASD can pull double duty. For starters, not only does it square a cut arrow shaft, it will also square your insert. Not to mention it makes for a handy finger splint. lol