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I'd say if you are talking about appraisals by brain dead tripper lords, then yes is highly over-rated. However, in general it's quite an interesting drug.
One of the frustrating things is when smoked, the experience is brief and difficult to actually remember (cf., LSD). This makes it quite challenging to actually integrate the experience in any meaningful way.
Rick Strassman's work has a lot of speculative bullshit, but equally does a fair job of describing the reactions and experiences.
I found with repeated dosages, the experience follows a more systematic pattern. It's certainly not launching you into another realm, it's just completely masking typical sensory and cognitive processing in every way possible.
I always think I've died every fucking time I take it. Every fucking time.