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To me, it's like a brand of trading cards, there's a bunch of poor ones, many fair ones, a few great ones, and only five "legendary" ones. They are really only highly wanted because they are so scarce, because their attack is not much greater than those of a famed sword, but just because it's a legendary weapon, it is highly valued. Besides, I think most people that have found it and have high enough sword level to use it, are probably mastered on sword, so l either they use it rarely, just to show off, or in PVP. In which no case is it going to be used enough to do you much good.
So all in all, I say it is very overrated ( but not as much as the word overrated) and I am actually going with the ratings, and every time a skull chest drops, I hold my breath for the lost sword.
Just how I view it, as I have heard a lot from those who have one.
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