If we're talking about how we perceived the reputation of some Belgian beers vs. taste; the obvious "over-rated" answer is Westvlettern 12 when it hasn't been aged for years. (The aged one I had in Amsterdam was amazing, the relatively fresh ones I've had are really good, but don't live up to the hype (see Rueben's blog post).)
"Black Albert Stout" is another Belgian beer that has a HUGE cult following and a huge reputation; I found it really good, but I truly didn't understand what the hype was all about.
Kwak is next on my "hit list"$$ great gimic glass but WHY is it so INSANELY sweet?!? I like sweet beers but Kwak is just too much for me. (It has it's place, it's effectively an "Extreme beer" from a sweetness perspective; it's just not for me.)
Beers that I think truly DESERVE their reputation/ are under-rated (even though most of them are still highly respected and rated):
Saint Bernardus ABT 12 -amazing, amazing value for the money and worth all the praise.
Anything from Chouffe. -That little magical gnome makes nothing but great beer!
Rochefort 8 & 10. Incredible especially considering they were always "under the wing of" Westmalle and almost were taken out of commercial business by Westmalle (until Westmalle came to their rescue and helped them reformulate their recipe). Rochefort 10 is my favorite trappist with the exception of an aged Westy 12; I've never had an aged 10, but I can imagine it would "steal the crown" in my book.
"La Fin Du Monde" -Unibroque. I know this isn't brewed in Belgium, but it really is the most perfect Belgian Tripel I've ever had; absolutely amazing and worth all the praise. Best beer made in Canada as far as I'm concerned. Absolute Tripel perfection. (and widely available which is another bonus point)
Adam