In general, yes, it is overrated.
More than the lens, it's the photographer who should compose for a nice separation between the zones in narrow focus and the background... For example, if we have a soft bokeh lens, but the photographer allows secondary objects to appear between the subject and the background, those secondary objects will be distracting and even confusing in B&W no matter the great lens' bokeh... If on the contrary the photographer used a busy bokeh lens but managed to avoid those secondary intermediate objects between the subject and the background, the shot will be a lot better no matter the busy bokeh... It's the photographer and not the lens who makes a better photograph... And what if the photographer composes for a great separation, without distracting objects, and uses a good bokeh lens or a bad bokeh lens? I think both images work well. I mean bokeh's character is the least important fact on any image. A great bokeh lens can't get the separation the photographer must achieve with composition and aperture decisions... The most powerful and beautiful images can be made with different kinds of bokeh. Horrible photographs are never horrible because of the bokeh...
Cheers,
Juan