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I think it is about right, it can suck but there is a lot more stuff which could happen to online gaming.
Overrated... back in the late 90s when it was just on Yahoo games, and before then, on BBSes and the Imagination Network.... much better.
Zynga ruined online casual gaming.
Overrated. Online (multiplayer) gaming was fun back in the 90s and early 2000s. Then the novelty wore off. Also, we started having younger and dumber people accessing the internet as service and devices became more commonplace. After that, I lost interest in most of it.
In it's current shape/form, online gaming is extremely overrated. Granted, we will be seeing advances in technology and marketing that will make the experience much better, but this is about the here and now. Online gaming isn't anything revolutionary, but merely another tick-off feature to satisfy list wars.
Underrated because society fails to see the value in online gaming. It is good for the mind. Online gaming turns people into strategic thinkers.
I tend to prefer single player (as in offline), but some games are really good online. Strategy games are a great example. I am addicted to Warcraft III online because there are so many strategies to try depending on what your opponent does. Online play means that your opponent will never be 100% predictable.
Overrated mainly because it hasn't reached its true potential yet (even with the commercial success of WOW).