There are two groups of people who rates a band or artist, they are critics and the public in general. There are two ways a band can be over-rated that is if a band has critics who love them, but you (and your friends) think the band stinks on ice. Or the public loves them they are a household name they have mass appeal, but you can stand them. Under-rated is the opposite of that. You love them but they don't get much respect from music critcs or the public.
Bands that are over-looked usually when they fly below the radar and don't get much press, and aren't a household name. Over-looked is used when you (or someone else using that word) feel band or artist had an important contribution to a music but wasn't appreaciated or the fact isn't widely accept, or well known.
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