Not so much over rated as a One Off. Even the director said he would never do another film in which every character is zany - but in this one case it works, pushing it right to the edge. A fun film to watch every other year or two. I think it is Grant and Hepburn that make it work, not sure any other casting would have. But then there are people who love The Three Stooges and the Marx Brothers, and I can not manage more than a trailer of either. Bringing Up Baby should carry the warning: Don't try this unless you are Capra and have Grant and Hepburn under contract.
To see this working, head to your live site.