I don't think he's over rated. Majority of fans don't claim he's the best thing since sliced bread. It's just since Razzaq retired, we have been looking for a pace bowling all rounder and the other people we've had haven't been impressive. You know, the likes of Anwar Ali and Bilawal Bhatti didn't set the world alight did they?
I didn't know much about Faheem Ashraf when he was picked, he didn't have great domestic stats or anything to suggest to me he has high potential, but when he played that amazing innings in the warm up against Bangladesh, it felt like a breath of fresh air. Then when he got a chance to play in the real tournament, he showed the talent he has with both bat and ball against Sri Lanka. And since the Sri Lanka tour of UAE late last year, he has, in glimpses, with both bat and ball, shown why there is so much hype around him. There was his hat-trick against Sri Lanka and some of his bowling performances against the Lankans as well as NZ showed he can be a proper bowler. On top of that, he has played lots of great cameos with bat in hand, for Pakistan and IU.
He is far from a finished product, because like I said, he has only shown glimpses of his talent but hasn't been very consistent. Some days he's been very ordinary with bat and/or ball. But when you consider he is only 24 years old, there is no denying he has all the ingredients to become a world-class all rounder. If he could consistently perform as good with the bat and ball as he has at his best, Pakistan do have one great player on their hands.