I didn't say overrated, but I think the value assigned to ND wins over those teams is a little inflated due to those teams' longer-term reputations. I'd argue that the PAC-10 and Big-12 are not particularly deep this year, which might explain how those teams racked up the wins to be ranked in the top 10.
I'll be honest with you, I am with the crowd that believes that 5 out of our best 6 teams (Ala, LSU, A&M, Fla, Ga, SC) would beat anybody outside the league pretty consistently--Oregon, ND, KState included. And the next tier of teams, including Ole Miss, MSU, and Vandy (gasp) is pretty good as well.
Anyone can win the title game, but there's a reason SEC teams have been dominating the BCS. I can promise you no team in the conference has an easy schedule, regardless of where teams in various conferences are ranked. If anything, SEC teams seem to handily win title games because they appear more battle-tested than the opponent.
I'll add that the perception of the SEC's struggling powerhouses (Ark, Tenn, Aub) may be a little skewed too, as the top 6-9 teams in the conference have had a hand in their failures. The exception being Auburn, who is horrible.