In answer to the original question, no. In other words, ATGATT isn't "overrated" in that it has been proven to work time and time again. I don't think anyone seriously disputes that you are better off in almost any crash wearing more and better gear. But, the question that a lot of people in this thread are answering is a different one, and that is if they feel the need to wear ATG "all the time." For me it's MOTGMOTT (most of the gear most of the time). I judge the relative risk of what type of ride I am going on and I dress for what I perceive to be that risk, and I have various types of gear that allow me to be comfortable in most weather so I have the option of protection if I feel I need it. But, sometimes I will pop down to the store wearing just jeans and shoes, but I will always have on a full-coverage helmet and gloves, and usually a motorcycle jacket. I do believe that the risk level is not always the same, and that how you drive is really the most important protection.
For my part, I travel not to go anywhere, but to go. I travel for travel's sake. The great affair is to move. Robert Louis Stevenson