I think Battier can be a contributor and starter on a contending team, but that doesn't mean he is untouchable either. A more intresting discussion than whether he is over rated or not, would be discussing who you think you could trade Battier for that is realistic and would improve the team.
Shane Battier is over-rated. After watching him for a couple of seasons now, I believe we need to trade him for a player who can attack the basket and is athletic. I've been to a handful of games and watched the others, Battier is not a glue guy. His so called intangibles are generally insignificant (sometimes they're non-existent) and there's not much as far as tangibles are concerned. He's just not a good basketball player.