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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