The Overrated mod seems to be abused by an increasing number of moderators. Because such mods don't (seem to) come up for meta-moderation, it is usually used for dubious reasons (ie the moderator disagrees with the opinion expressed in the comment, even though the comment is ontopic and provides a positive contribution to the discussion).
It seems to me that the only valid use for an Overrated mod is to knock down the Karma bonus when it is not deserved. Any other downwards moderation should come under Troll, Flamebait or Offtopic. If a post doesn't fit one of these, it should just be left alone.
So how about limiting Overrated mods to one per comment, and only for comments that carry a Karma bonus.
Likewise, Underrated could be limited to one per comment for posts that do not carry a karma bonus already, or have had it removed by an overrated mod.
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Overrated/Underrated are essentially ratings of the moderation applied by others.
As such they should be dropped all together in favor of existing meta-moderation.
Further, they are a waste of moderation point in general, if the post can't be
moderated with any other category, over/under simply becomes an opinion
of content, rather than quality.
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I suspect I'm one of the mods who is using 'Overrated' more often now. It seems that there are more occurrences of a sequence like this:
> 'Joe' posts a comment that is modded up (by others) as interesting, informative, insightful (III).
> 'Fred' posts a nearly-troll reply to Joe;
> Fred's post quickly gets modded UP (III) all the way to 5, and
> Joe's post gets modded DOWN (troll,flamebait).
It may be that I notice it now cuz it happened to me. But when I moderate (btw, my /. is 'jetscootr'), I'll use 'overrated' on Fred's posts rather than 'troll' or 'flamebait'.
I also notice that the 'Fred' type posts sniff suspiciously like astroturf when this happens.
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This issue gets raised every so often. We're working on an overhaul that may largely eliminate these concerns. Meanwhile, it works well enough.