There are a lot of factors involved here: what degree are you working towards? What are your personal goals with Uni - employment, knowledge, both?
When my wife went to university, she expected to gain employment in her field because of her bachelor's degree. Only after graduation was she told that she needed a master's degree to even get a low-level assistant's position. She didn't return. Her degree is specialized and not terribly in demand, but she is still happy to have gone because of the knowledge she gained.
From watching her experience, it looked like Uni was akin to running through a field full of landmines. You have to dodge the poor career choice landmines, dodge the crappy professor landmines, and dodge the poor course choice landmines to reach the safe haven of gainful employment. I'm not saying college is a better a choice, my experience was not exactly awesome.
Both our experiences had one thing in common though, we both really enjoyed the learning process, and the process of learning to be critical thinkers. We became, maybe not smarter, but we gained the capacity to become smarter thanks to the experience.
So the question university being overrated is really about expectations and choices. If you expect that university is an easy ride to success, then you will be disappointed, but if you are looking to learn then you likely will not be.