I do not think Halep is over-rated or over-hyped.
She's won seven tournaments in the past twelve months, the last a premier in which she defeated three top ten players. She in the top five. NOBODY, outside her relative small fan base, is talking about her winning a slam this year.
The level of hype, I think, is about right. It certainly has NOT risen to the levels of Bouchard or Stephens yet.
As for the rating .... I look at the tour this way, Halep aside.
[Li, Azarenka, Sharapova]
[Radwanska, Kvitova, Jankovic, Kerber, Cibulkova, Errani, Ivanovic]
[Pennetta, Wozniacki, CSN, Lisicki, Stephens, Bouchard, Stosur, Kuzzy, Vinci, Cornet]
To me, halep is squarely in Group #3. Is she REALLY the 5th player player in the world? Probably not. Is she CLEARLY one of the ten best players in the world? YES.
That said, look at Jankovic, Ivanovic, Wozniacki, Safina and on bacl to Dokic and Kournikova, and remember the words of Joni Mitchell.
"I've seen some hot, hot blazes come down to, smoke and ash."