In mocks it's not unusual to see him taken as 1st WR, and very often top 3 at least. And not saying it's ridiculous. But he is getting up there and went scoreless 7/9 games last year (and yardage quite unimpressive in those games too, ie weak FF wise). Cause for at least a little concern, or am I just reading into it too much?
I don't know if overrated is the appropriate word but according to FGB's career stats,
he's only finished in the top 5 once. Holt Career Stats

I don't know why people always look past that
I think the OP was stating that Holt was slightly overrated because of his inconsistent year in '06... I would reply to that 'who would you pick as WR1 this year?'... in my opinion,
the simple fact that Holt only finished once in the top5 is not as important to as the fact that he finished in the top10 6 times in 7 years... I think that speaks for his year-in, year-out consistency and would not be afraid of picking him as WR1...
In fact, in the last 7 years (excluding only Holt's rookie season) only 7 WRs finished above Holt in the WR rankings more than once...
MHarrison - 5 ('06 - '04 - '02 - '01 - '00)TOwens ---- 5 ('06 - '04 - '02 - '01 - '00)RMoss ----- 4 ('03 - '02 - '01 - '00)JHorn ----- 3 ('04 - '02 - '01)
CJohnson -- 2 ('06 - '05)DDriver --- 2 ('06 - '02)RSmith ---- 2 ('01 - '00)I think that, with the WR1, you are looking for the
safest of the bets... and only a few guys
show less risk and more upside, in my opinion, than Holt... (and I don't own him in any of my leagues - unfortunately)