DR is by no means overrated, as long as you really need it
Most of the DR talk lately revolves around landscape shooters looking to pull more shadow or highlight detail out of a single exposure. People also cite the benefits of DR when you botch an exposure. In this regard, the D800 is a badass machine. If you have the luxury of shooting with a tripod and merging multiple exposures in post processing, obviously DR goes out the window.
I'm far from the best photographer out there, but in those instances where I wish I had a bit more DR, I often reach the conclusion that I could have easily reduced the DR demands on my gear by slightly tweaking my technique in the field. That said, I realize there are many very talented photographers with impeccable technique and stunning Flickr portfolios that do everything within their power to limit the DR in a scene, yet still need 14-plus stops of DR
Quite a vocal bunch, these folks are
For landscape photogs like yourself, I don't see how DR can be overrated. The question is whether or not DR is more important than everything else that goes into a system such as lenses, bodies, ergonomics, OE and third-party accessories, serviceability, parts availability, etc.