As ridiculous and stupid as what Swann said is, he isn't over-rated. He might be by some, and perceived as such by rival fans, but he isn't. Most of us acknowledge he does a very good job, but is nowhere near the class of Warne or a very top spinner.
Rankings are irrelevant, it's career stats that matter
GP Swann
36 Tests : 153 wkts @ 28.82 (SR 58.19)
He actually does better home (26.15) than away (30.91) His record in India is very ordinary (8 wkts @ 39.50), but from TWO tests against good players of spin that's hardly conclusive
64 ODIs : 90 wkts @ 25.43 (SR 33.93, ER 4.50)
Pretty darned impressive, these days how many bowlers average under 25 in any decent (non-T20) form of the game? Averaging under 30 in both forms is good, of course if I had time I could post up the stats for all spinners but you'd have to also breakdown those who have home advantage as I've done before when comparing Warne with Mr 800. Take away Mr 800's subcontinent/home advantage and he's on par with Warne.