I don't think over-rated, but the ACC did not play well this year.

Current records through round 2:

 

SEC - 7-2 - 3 teams in sweet 16

Pac 10 - 7-3 - 3 teams in sweet 16

Big 12 - 5-2 - 2 teams in sweet 16

Big East - 5-4 - 2 teams in sweet 16

Big 10 - 6-5 - 1 team in sweet 16

ACC - 6-6 - 1 team in sweet 16

 

ACC is the only major conference that doesn't have a winning record...Thus far, I'd have to say the SEC and Pac 10 are doing the best with the Big 12 right behind them and the ACC and Big 10 battling for the last spot...

Pac 10 may be the most underrated... Nice run in the first 2 rounds.