Off the top of my head
The Halo series (like someone said, progressively worse, ODST was a big middle finger and reach was a slight improvement)
Gears of War (Everything is dark/brown, gameplay isn't very fun, story is okay, progressively worse, GoW1 was okay, never finished GoW2, not even going to bother with 3.)
Little Big Planet, never saw the joy of this, seemed like a gimmicky platformer from what i've played that really only had one benefit of being able to design almost anything yourself. Not anything I'd care for.
If we have to say sports games I would have to throw APF 2K8 and NFL 2K5 in there. APF 2K8 was always overrated, never liked it, didn't feel real, felt cheap and mechanics were off. NFL 2K5 did good where Madden didn't but Madden did good where 2K5 didn't. I hated playing against friends with a faster thumb to mash the A button, so Thomas Jones could always turn the corner even when I was blitzing the edges and had overloaded the linemen. Not terrible game by any means but overrated in the sense that people still cling to the idea that it is better than current Madden's.

Call of Duty is quickly drifting to the overrated. Nothing changing and still pulling high reviews? And people want to call sports games a yearly roster update.

And I don't think charging for a service that several other games have available for free (online stat checking) is going to save the series and will hopefully turn out to be a massive failure so people don't think they can rip off average gamers when games are already costing $60 a piece. (Wait for next generation, $70 games? I might have to drop gaming)
Underrated would be Two Worlds 2 (Original was okay, but 2 was great if you mount it to your HDD, terrible if you didn't).
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