While I agree with those who said Queen, for me, the most overrated band by far is KISS. Their music just wasn't very good (IMHO), and I just don't find the whole makeup/costume thing to be that interesting, either. I guess maybe if I saw them live I may have a different opinion, I don't know. I had the unfortunate pleasure of seeing mini-KISS (midgets playing KISS songs) perform once, and that was disastrous.
I just never really got what all the hype was about.