Is it over rated?
No. Absolutely not.
No one has asked what the military functions of a large-frame military pistol are in this day and age.
Until that question is asked, answered, and then compared to the characteristics of existing sidearms, this question is meaningless.
In the organizations I have been in, the pistols are used by:
Sustained fire machine gunners as a back up weapon. (not the automatic riflemen though)
Medics, to defend themselves and their casualties (though OUR medics also had M4's / CAR's)
Commanders, because, well, they don't NEED to shoot lol! (they carry M4's though)
The last group of folks to wield the pistols are those involved in clearing problems where the pistol is more handy, ie climbing up ladders to clear landings / attics, tight stairwells etc. Usually the pistol is called forward though...
Aside from MP's in garrison duty, the use of a pistol is generally for a back up weapon outside of special mission units. Special mission units may get stuck using a pistol as their primary weapon depending on the duty/mission they get, (ie security details of VIP's etc), but even in special mission units, the pistol is a back up to the long gun. The logic being that it is faster to pull and fire a pistol than it is to possibly have to perform remedial action when you have a stoppage.
The 1911 has been the choice for MANY, many individuals in special mission units for years and years due to the .45 round, the sweet trigger, the reliability, and the accuracy potential.
...I prefer the G19. It's more weather resistant, abrasion resistant, and operator malfunction resistant. When you need it, and it's loaded, you put your finger on the trigger and pull. It can't get much simpler than that, which makes it a superior combat pistol.
ALL very valid points that ARE considered by "those that be" when choosing a military side arm, or even a duty sidearm.
The VAST majority of military commanders I have had have considered a sidearm a DETRIMENT to an organization rather than an asset. Why? More time needed for training, more ammo, etc, etc. Special mission units don't have the training restrictions conventional units do, NOR the personnel issues. The points above would be used by those commanders to justify why the 1911 is NOT the sidearm they would want for the regular troops. It is a "specialist" tool.
The 1911 is so highly cherished by so many simply because NO other platform is as adaptable as is JMB's...
The platform is suited for, and can be made to EXCEL at, pretty much everything you would want a pistol to do.
Accuracy? Yes.
Gun games? Yes.
Self defense? Yes.
Combat? Absolutely.
Does it take more training? Sure. Will you have to tune it out of the box? Maybe. Once it's running though...
This, in my opinion, is why the 1911 is King, and will remain king until we start using photon lasers or some such...