If you mean that the quality and/or design of the logo is overrated, I agree. (If it's hideous then obviously that's not good.)
However, if you mean that HAVING a logo is overrated, I couldn't disagree more. Having that one iconic image that everyone associates with you and is ubiquitous to your organization is worth a lot if you do it right.
Get a decent logo, don't change it, and use it everywhere. Easy.
I pretty much think if your program wins.....fans don't care what you have for a secondary mascot logo.
See Texas Tech, Stanford, Boise State and others.
terrible.