Sorry - it's amazing. If anything it's offensively underrated. Besides for a few people on this board (and I know Jordan and I are among them, there are others too...) few people consider it incredible, or even know about, even people who love theatre. So....no I don't see how that could be anywhere near overrated.
Also - did you see the original broadway production? You also say you saw the show at a regional theatre with an u/s as Caroline (I presume that's what you meant), so I would expect it to be pretty miserable. If I judged musicals by the actual merit of the production of it I saw, The Sound of Music would be the worst musical ever written. (I've only seen a few crappy regional productions, fortunately I have the movie to prove its brilliance)
Scratch and claw for every day you're worth!
Make them drag you screaming from life, keep dreaming
You'll live forever here on earth.