I said what I had to say about him being overrated earlier. I find someone thinking he overrated to be pretty ludicrous, I don't even find that to be much of an opinion as much as fact... there are plenty of great players out there who's music and style that I *don't* like, but would never call them overrated. The man has skills. Period.
I did want to address the comments about not liking his tone, which are obviously more subjective.
In and at of itself, his tone is extremely mid-rangy, and to hear his bass playing a single note, I could see how someone could not like it.
But it is one of the big elements that made him famous, and they way he used it with his playing style and in the context of their music, I think it's absolutely phenomenal. No one would be laughing Geddy Lee out of any bar, ever.. that's the dumbest thing I ever heard.
As a former guitarist, I really loved how Eddie Van Halen could do the same thing- take a dirty, strange, or less than ideal tone he came up with (that most people would wince at and say "that's awful!"), and make it work within the context of a song with the way he played it... to the point where it was like candy to your ears. Obviously EVH had maybe a little more freedom in playing with sounds and textures than does an instrument from the rhythm section, but to me that's the hallmark of true musician. A combination of vision and skill.
So a Chef just made you a pretty good steak from beef that costs 14.99 a pound? Big deal! Where's the art in that? Show me a guy who can make a phenomenal steak out of something that costs 3.99 a pound, and now you've got my attention.
Geddy could have been like a lot of players of the day and played it safe with a tone in that was bland and blended in... and if he did, you probably would have never heard of him today.