I'll put my neck on the line by bringing up a few songs that IMO are overrated:
Everybody Hurts by R.E.M. - Although I commend the band for making a song discouraging suicide, for me this is too weepy to be enjoyable and too generic for the emotion to carry any real conviction. I think I would listen to this song if I was feeling very depressed, but otherwise it leaves me cold and unmoved, I'm afraid.
Bohemian Rhapsody by Queen - I can see why this song is so popular, but when it comes to lyrical deluges, give me 'It's Alright Ma, I'm Only Bleeding' every time over this - this has a couple of decent lines but I don't find it to be the lyrical masterpiece it's often hailed as.
Wonderwall by Oasis - I'm far from an Oasis fan but I have to give some credit to a track like 'Don't Look Back In Anger' as the powerful musical hook is coupled to an incisive lyric, whereas here not only is the hook inferior, but it sounds strained to fit around a non-word. I can't help but think that the relative paucity of quality mainstream rock songs in the UK around the time it was released has led to this being overrated.
Another Brick In The Wall Part 2 by Pink Floyd - I'm a big fan of Pink Floyd, and I do like this song quite a bit (especially David Gilmour's guitar solo). However, I've seen this song placed in 'greatest song' lists above what I consider to be genuine Pink Floyd masterpieces - I'm not talking about the brilliant but admittedly rather inaccessible Echoes, but about songs like Time or Comfortably Numb - and this just doesn't reach that standard. Personally it wouldn't make my top five favourite songs from The Wall - I think that (along with the aforementioned Comfortably Numb), Mother, Hey You and Run Like Hell are all better songs, and the last of those incorporates disco influences more convincingly and effectively than ABITW does, while I also prefer In The Flesh and Goodbye Blue Sky to Another Brick.
Walk of Life by Dire Straits is over played to epic proportions. I hate that song a lot now.
I wouldn't disagree with you, I like Dire Straits a lot but consider Walk Of Life to be one of their worst songs - I used to like it but now find the repetitive synth part to be somewhat annoying, and this makes the song seem to drag on when I have no such issue with a number of significantly longer songs by them (Telegraph Road and Tunnel Of Love being the most obvious ones, but also tracks like It Never Rains, Skateaway and In The Gallery).
Fortunately in the UK the most played Straits song on radio is Sultans Of Swing, a classic which is representative of their best work and I'm still happy to hear it frequently.