Not overrated, just overpriced.
That would be the reason why I get wines from other regions/countries...
There was a documentary a few years back called Mondovinos (http://www.imdb.com/title/tt0411674/). They explained a prices in wine and interview a couple of winemakers in France. They also covered the story between the winemakers and Robert Parker in the '80s... Good doco...
I think that part of price for Bordeaux comes in transportation... If I remember correctly, I was told that Italian wines are usually cheaper because they bring them by boat and French wines are imported by plane... Well, it's like that in Canada at least!