OK, I'll play.....
My list of overrated blends might get me branded as a heretic! First off is Full Virginia Flake, which usually sells out within hours of its appearance here in the USA. While I admire its strength and the quality of its presentation, I find FVF to be....well, boring. I have had a handful of epic, transcendental smokes during which I think I finally understand its appeal, but those are very much the exceptions. I think SG is a fine company and FVF is a fine example of a straight VA flake, but I hardly find it to be the holy grail of VA.
Other overrated blends, to my mind, include the famous duo of Penzance and Stonehaven. There is nothing wrong with the fine blends, mind you. Both are unique and delicious, but at the same time neither would make my Top Ten "desert island" list, much less compel me to spend the kind of money they routinely fetch. This just goes to remind me of how very subjective this hobby can be at times!
On a more positive note, there are a host of underrated gems on the market right now. Here are some of my favorites:
Exhausted Rooster -- this is basically a more burley oriented version of Haddo's Delight. Great flavor, great strength, great burning characteristics.
Cairo -- One of GL Pease's oldest products, this oriental blend tastes and smells like nothing else on the market (that I've encountered, anyhow). Cairo is complex and deceptively strong, nic-wise.
Fusilier's Ration -- This is a new blend from Russ Oulette, and it's already shot straight to the top of English/Balkan rotation. An homage to the old Bengal Slices.
Sextant -- To my taste buds, this is GL Pease's spin on a traditional American English blend (for the record, he describes it as a Navy Flake plus latakia). The latakia and kentucky are used as condiments here, and the rum topping nearly undetectable in the smoke. What really shines here are the virginias and orientals. Whatever you call it, it's one of Pease's very best efforts. I'd rather smoke this than Bohemian Scandal or Westminster, though perhaps not as much as Odyssey.
Smokies Smoke-Ease -- By far the most obscure blend on this list, Smokies Smoke-Ease is a bulk house blend from the Gatlin-Burlier (a B&M in Gatlinburg, TN). While this stores mainly sells aromatics, this is a non-aromatic mixture with virginias, latakia, a little unsweetened black cavendish and a LOT of turkish. In fact, I've never encountered a blend that put this much focus on the turkish leaf, which lends it a sour/savory flavor that is perfectly balanced against the cavendish and virginia. I've also gotten in the habit of mixing it with lat-bombs such as Odyssey to boost the complexity and improve the burn characteristics.