I agree with a few of his choices, but yeah, he's too focused on lyrics. I listen to White Stripes because Jack White plays an awesome guitar. I don't care what he's saying.
I'm also completely against having Beck on there. One, Beck doesn't get a ton of exposure, so I don't get how he's over-rated. Also, it's not his lyrics, but the combination of beats and the odd sound of his voice that are intriguing.
And what's with Rage Against the Machine being there?
Seriously, this list is lame. James Blunt hasn't even been around long enough to be over-rated...give him a couple albums at least.
Here is a real over-rated list:
5. Metallica (I like them, but seriously)
4. Limp Bizcuit
3. Gangsta Rappers in general
2. Ozzy Osbourne
1. Bon Jovi