http://www.bbc.co.uk/sport/0/football/18325287 Michael Laudrup was one of the most under-rated footballers of all time, and also one of the best. This is gonna sound weird, but I was reading all about him yesterday. Check out the quotes from players like Cruyff and Pele on his wikipedia page. I think the consensus was that he could have been the greatest, but just didn't apply himself enough by giving 100% in every game. In terms of raw talent, he was as good as they come. This should be great for the Premier League. Laudrup has managed other teams before, and has brought a great style of attacking football with him (notably at Getafe). Damn, I'm starting to like Swansea too much, but what a great appointment!
I'm pretty sure he wasn't under-rated at the time, playing for and winning the league with Juve, Barca and Real, as well as being voted the best foreign player in Spanish football.
Under-rated in that most people forget about him when talking about the greatest ever players. He's definitely top 30.
Laudrup and George Weah (very few strikers in his mold since) are also on my under-appreciated list. (i wouldn't say underrated) I think to some extent it has to do with not playing for a strong national side, i.e. less exposure.
When I was a kid Michael Laudrup was rated as one of the best players in the world so I don't think he was underrated - I mean he wasn't on the Pele/Maradona level but certainly on the Cruyff/Beckenbauer level !! I don't think I have ever seen anyone EVER with better close control of the ball when running at pace with it.