From the OP I completely disagree with Led Zep being one of the most overrated bands, but that seems like it was discussed in depth a few years back when the thread was made. Stealing a lot of source material may make me think less of Jimmy Page as a person and a songwriter & while I can sort of see the logic in listing them in that some of the credit they get needs sharing around, I don't think it significantly diminishes the genius of what they did do. Some people are just so much better at layering a song once the original idea has been given to them, in Page's case it was just a shame he didn't have another great songwriter to work off. Arranging's still a massive part of composing & is what lifts them miles above session musician status. They created a peerless sound and great songs out of some very good source material. It isn't a contest for me between wanting to listen to Jake Holmes' Dazed and Confused & Led Zep's, or Memphis Minnie's When the Levee Breaks, or the hundreds of versions of Gallows Pole. They transformed songs into four phenomenal albums including arguably the greatest rock album of all time, a sound (which at least to me) still comfortably stands up today. No-one's matched When the Levee Breaks.
As a matter of interest does anyone know if The Battle of Evermore was stolen from anywhere? Always thought it was one of the few great songs they wrote completely.
Pink Floyd would take the overrated crown for me too, though I'd push the date forward to post-'72 as Live at Pompeii is everything a rock band should be. I think Meddle's one of the most underrated and greatest albums ever made, Dark Side of the Moon probably the most overrated. They wrote great songs after 1972 (usually when harkening back to good old days) but in terms of album quality they're all massively negated by the bilge that Roger Waters added. It's just this esoteric position they hold in music that's really annoying, akin to someone like Radiohead today who at least go some way to backing it up, in my opinion.
Outside of the moment and area, I agree that The Stone Roses are hugely overrated which probably deservedly comes with a ban on this forum. Not comparing the two, I'd also list The Libertines if only for Pete Doherty's bizarre position as some rock poet for my generation. But after long discussions with a friend, I think they're another band you had to be there for.
In terms of album sales, Kiss & Mötley Crüe are two of the most grossly overrated groups of all time, something America is completely to blame for. I don't think I've ever met a fan of either & it remains some sick joke to me that the latter has sold around twice as many albums as Neil Young ever has.
On the Bowie discussion I really like Heathen & Reality too, but agree that it's all about '70-73, with the addition of Station to Station which is a fantastic album.