I guess I may as well sound off on this subject, since many in here have and of course, this has stirred many a debate.
For those who say Bret Hart's rated the way he should be... fair enough. It's easy to say that he had things he was really good at and things he didn't fair so well in, but overall, he was a serviceable wrestler and a great overall athlete. HOWEVER, there are numerous factors I weigh when I determine if a wrestler is overrated or underrated.
1) I look at how the wrestler is rated as of right now. In Bret Hart's case, he's got legend status from most of the fan base. I say in this instance, he's severely overrated. Hart is a great wrestler and a definite candidate for being remembered for years to come for his contributions to the wrestling industry, but he's not a legend. In Canada, he is. Because no other Canadian wrestler is at the status that Hart is. Jericho's good, so was Benoit before he allegedly murdered his family and offed himself, but Hart is a legend in Canada. Everywhere else, he's just a solid wrestler during a time of solid athletes. Outside of Canada, Hart is slightly above average. So as far as his rating from most fans compared to how he should be rated, he's overrated by a wide margin.
2) I also factor marketability. Bret Hart was marketable. His glasses would sell like hotcakes everywhere and he was a good, clean guy who wasn't publicly reviled for steroid use or drugs. Hart would be the equivalent of CM Punk as far as image is concerned today. On the other hand, as far as headlining a PPV, Hart wouldn't be a good idea, unless there was a bigger star with him. Hart simply could not draw a dime as a headliner. Bottom line. He's a great supporting actor, but not a lead man. He should have been WWF Champion as many times as he was, but he needed that high profile guy chasing him in order for the validation for Hart being champion to work. So for drawing power, he's overrated. Many are fooled because of the reactions he received in Canada when he appeared, but in America and everywhere else, he got a typical reaction for whatever attitude he had at the time.
3) My final factor is actual skill, and this is where Bret Hart is rated properly. He's a great ring technician and many greats recognize Hart as the best technical wrestler in his era. So he's rated properly in this regard.
SO overall, when you look at the grand scope on what I've factored into my thought process, you can see it's real easy to say Hart's overrated, but also easy to say he's underrated due to him not getting enough credit in some areas. But as far as I look at it, Bret Hart is overrated.