Some people do over-rate him.
I was on youtube and seen comments by people who said he'd smash Pac and Biggie if they were alive. It got like 50 thumbs up.
What do you mean by smash? Pac wasn't a 'battle rapper' per say, so yes Wayne could maybe do that, but if it comes to storytelling and actually having something to say Wayne would have to live 2 lifetimes to even get close.
That being said, while I'm not a big Lil' Wayne fan, he's come a long way since his humble beginnings.