I use Project Red without the Exploration or Transportation modules installed, so for me it does one thing (redstone logic) and does it really well. It's still ahead of Bluepower in that particular area. I have no doubt that Bluepower will eventually catch up, but for now Project Red is the more mature and stable of the two. When that changes, I'll probably make the switch.
As for overrated mods, I'd have to pick EnderStorage. There are so many other ways to transport items and fluids over long distances, but most people seem to take the easy way out and just use a couple of Ender Chests instead of building something fun and interesting. I dislike TE's tesseracts for the same reason (though I really love the rest of TE).
I'm also not a fan of lava power in general, especially since it's so trivial to set up.