My vote is for Rashad.
I think he has a lot of people who dislike him due to his attitude, etc..
Guy has only lost once, with arguably one of the worst gameplans in history after falling in love with his own KO power, has fought a lot of tough guys and probably could make Middleweight.
Questions like these lose context. The implicit question of "by whom" is rarely addressed.
In the spirit of thread, though, I will offer Frank Mir as the guy most underrated by the UG and hardcore MMA fans.
Zedlepln - Questions like these lose context. The implicit question of "by whom" is rarely addressed.
In the spirit of thread, though, I will offer Frank Mir as the guy most underrated by the UG and hardcore MMA fans.
In the general viewpoint. By the MMA media and websites.
OriginalTUFer - Chris Leben
I actually think thats is pretty good one.
a healthy CAIN V.
I know he's champ...but still doesnt get the praise a HWT Champ deserves...IMHO
Allistar Over-who?
Cain will wreck them all..
...can make good case for Rashad Evans too..
and at 155...so much talent and so deep I think top 12 are so close in skill that each one is underated to the guy generally viewed to be above them by the donkey kongs that rank them..
any given sunday...
....and add Edgar
Jim Miller.
Velasquez, Maynard, Sonnen, Aldo, (most welterweights and middleweights because of GSP and A.S.) 
Condit is pretty under rated IMO. People always pick against him, but he nearly always proves them wrong.
Tangerine Dream - Jim Miller.
Jim Miller is not underrated. Everybody is always going on about how good he is and how he deserves a title shot.
Brandon Vera
I agree with Oddessa about Edgar and Cain.
The only champs people talk about are GSP and AS.
Edgar beat the highly regarded BJ Penn (hailed by some as the best LW ever) TWICE.
As well as wins over Jim Miller, Bocek, Griffin, and Sherk.
One loss to Maynard by decision, thats a pretty good resume.
Cain holds wins over Rothwell, Kongo, Big Nog and Brock.
(Completely DESTROYED Brock when people considered him "baddest man on the planet")
Both of these guys are the champs and i have seen them continue to improve every fight.
Mr_Quail -Tangerine Dream - Jim Miller.
Jim Miller is not underrated. Everybody is always going on about how good he is and how he deserves a title shot.
He's underrated by the MMA media and market. The real MMA fans do not underrate him.
Gleison Tibau.
Mark Munoz