If by "old-school" you mean getting together with friends to have a violent lark in a world of fantastical, quasi-nonsensical adventure, then no, it's not overrated. It's the soul of gaming.
If by "old-school" you mean the specific composition of those original violent larks, with their focus on the logistics of mining improbable treasures out of even more improbable locations, guarded by the unlikeliest of creatures, largely through the exploitation of local henchmen/war-dog populations, or the first-generation rules/tools used to facilitate them, then yes, absolutely.
IMNSHO, of course.
If by "old-school" you mean the specific composition of those original violent larks, with their focus on the logistics of mining improbable treasures out of even more improbable locations, guarded by the unlikeliest of creatures, largely through the exploitation of local henchmen/war-dog populations, or the first-generation rules/tools used to facilitate them, then yes, absolutely.
IMNSHO, of course.