In my opinion, overall is more important than it has been in the past, but not for the same reason. The most important thing is the individual attributes, however, because the overall is dynamic, it becomes more useful.
Now, I definitely wouldn't scout someone's overall, it costs way too much to do so. However, let's say you are the Philadelphia Eagles and you prefer a One Cut Half-back (LeSean McCoy). His overall is going to be pretty well because he fits that scheme, but if you prefer a Power Back, his Overall is going to drop.
The reason is that the weight of each attribute changes dependent of the scheme. So while the attributes don't change, their weight causes the overall to change. Therefore, seeing high overalls lets you know that the important attributes that you care about are pretty high, and vice versa.