Star Wars: Republic Commando
Summoner
It was one of the early games with awesome character improving RP elements.
The first Heroes of Might and Magic - although I was not very into gaming journalism at the time so I would have missed the hype even if it wasn't underrated.
Other than that I mostly played games that got all the praise they deserved.
DNF since the incident
more serious news : torment.
// Previously known as Blind Faith or Pr⊕phet
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Evil Genius
Vampire: The Masquerade Bloodlines - underrated? Er, I think the abundance of people mentioning the game here and the fact that any gamer you chat to will rate it highly means that this game is/was defintely not underrated.
One game I thought was jolly good fun was that one where you threw a rotating blade. Dark something. Googled it but get random larping stuff.