Yes, it was over hyped and overrated, but you can say that about almost anything people like. Personally, I agree with the OP. I liked the movie, I'm glad it was made, and I'm really glad it made a lot of money. I thought it had really great plot devices, set pieces, and special effects. Even though it went out of its way to be as convoluted as possible, it still more or less made sense if you paid attention. It's an enjoyable way to spend two and a half hours. I didn't really like it that much on repeated viewing because the plot (minus all it machinations and arbitrary rules) is pretty blasé if you know where it's going.
The real "problem" (and I'm using that term very liberally) is the lack of character development. It's like the star wars redlettermedia test. Without talking about what they do in the plot, their background, or what they look like, describe the following characters. Ariadne? Arthur? Fischer? Mal? They were a lot of great actors in this movie given little or nothing interesting to do. Poor Lukas Haas gets written out for no reason in the first five minutes. Given everything else interesting going on, it's not that big a deal for me. It's just the movies I like (especially those by Nolan) are about characters before concepts/special effects. My parents watched it and despised it, and given what types of movies they go for, I don't blame them for not liking it. I was getting a little squirmy myself. It's still a GOOD movie, just not really for me.
Even Nolan's Batmans have more interesting and defined characters than Inception. I'd probably go more for stuff like Insomnia or Memento myself.