How is it overrated if it's inherently superior. Thunderbolt is underrated at best.
Thunderbolt and USB3 are
not even rivals really. Thunderbolt isn't a USB replacement: it is more a replacement for PCIe and ExpressCard slots. Heck, it may even become a way of
adding USB3 to a Mac.
The first TB products have, unsurprisingly, been for high-end RAID arrays and video capture devices aimed at video professionals who, currently, are stuck with MacPros or 17" MBPs because they need to plug stuff into a PCIe or ExpressCard slot (Prediction: next release of 17" Macbook Pro to drop the ExpressCard slot and replace it with SD or maybe even a second TB).
The Apple Thunderbolt Display is an example of something else TB is good for (its a pity Apple didn't announce this alongside TB) - 27" display, USB Hub, Sound system, FW800 port, GB Ethernet port, Webcam and TB daisychain all through a single TB cable.
Sonnet have announced external TB boxes that can take PCIe cards (admittedly, not suitable for graphics cards that use multiple PCIe lanes).
I doubt that we'll ever see Thunderbolt mice, Thunderbolt memory sticks, Thunderbolt SD card readers - or even cheap, domestic Thunderbolt backup drives.
If TB is to be successful outside of the "pro" arena, we'll need to see more "docking station" type products (a box with FW800, USB, Ethernet, eSata without having to buy a Cinema Display would be nice).