Assuming it is referred to girlfriends (or boyfriends, if you're a girl or not straight)
I don't find it overrated.
However, that got something to do with who I am, all my life I've either been ignored, avoided or mocked XP Thus, I've never looked, and thought I never would, look for a girlfriend, cause what girls would ever like a guy like me, I thought.
Over the last year though, I got to know a great group of people online, most of which are girls, and are genuinely nice to me. One of them, I grew incredibly attached to, and subsequently developed feelings for her. Yesterday it was eight months since I realized it, and I haven't gotten to tell her yet, since I want to do so sometime I've actually gotten to meet her.
I think relationships might be overrated if you're one of those who can get whoever the hell you want, or you don't care either way about it. If you're like me, however, who're fine on your own, but long for something more, it's not. I feel I've never had anything to really care about, but I'm tired of being alone, and want to care for her, as much as I possibly can.. well, if she would let me do so. x)