Definitely Charlie Trotter's. Bear in mind, however, it was ONE night, several years ago, we never went back, and the food and wine were very good, but it did not live up to the hype, as you say. So that would be my "most overrated Chicago restaurant."
I would give an honorable mention to Frontera Grill (which does indeed pain me, but it's the truth).
[This message has been edited by anonplz (edited 10-02-2002).]