I must say, I really dislike the Overrated option. I mean, it just gives people a way to take down your post without a reason. -1 Disagree would be more appropriate for most uses. Or -1 I-Don't-Like-You. Looking back, most of the times I've been modded down, it's been because someone thinks I'm Overrated. I can only assume that the same is true of the down-moddings of many others. I propose that Slashdot add some kind of Overrated-Quotient, or OQ, that measures as a percentage of total posts and percentage of total mod-downs, how much you get -1 Overrated.
I would say that the best posters are the ones that get Overrated mod-downs more often than any other kind. Or, if not the best, than one of the best. Overrated is shit.
But it pales in comparison to internet journal blog asses. I really hate these stupid things, and I had planned on avoiding the Slashdot Journal feature entirely, but I didn't feel like getting modded down Offtopic by putting these into a comment. Even in response to someone else's post about the moderation system (that doesn't get -1 Offtopic'd), I have gotten slapped with the Offtopic. Blasted journals. Anyway, if anyone reads these things, especially someone with a say with regards to the moderation here on Slashdot, I think you should at least take these ideas into consideration. And don't be biased against them because of the medium. I know I would be.