I like the MBV sound much, MUCH more than I do "Taking Drugs To Make Music To Take Drugs To". Much of Spacemen 3 is boring to me, as is Spiritualized, though I remember the "Ladies And Gentlemen..." having a couple of nice tracks on it.
I've always though Mascis was fantastic, even with the less interesting music he has recorded in recent years. Every once in a while, it happens. He's a motherfucker of a guitar player in my world. Glad to see the jaded are giving him some credit.
The answer to the question is:
no, loveless is not the most overrated album of all time. in fact, i doubt most people here or there have ever even heard of it.