Is this the most underrated project? Seems like a lot of upside, but no mass adoption. Is is the token price that's scaring everyone

Disagree 100%
Let it play out.
Nothing ventured nothing gained.
Overrated if anything. Valuation is beyond ridiculous for where this is at.
Valuation is VERY low if you ask me. 1M Peerplay tokens at 2 or 3 USD a piece... that's just $3M USD or maybe more if the auction in November goes wild.
Compare that to WAVES ICO where they gathered over $30M... that's 10 times higher! And the kicker, WAVES got no working code ready yet. Heck, they haven't even released a lite client for their investors.
And then look at the Peerplays team and all the expertise, skills and knowledge they bring to the table and the companies they work with for building Peerplays. Compare that to WAVES where we only know the front man Sasha... and that's it.
Peerplays will be built upon a proven and hardened platform (Graphene) that is miles ahead of other projects out there in terms of technology and capacity. And then the use of the Bitshares Platform to release tokens to investors right away, before the mainnet is working, now that's service. The WAVES investors are still waiting to receive anything.
Anyway, I'm not picking on WAVES, I bought some myself, but just to compare how well Peerplays is set up for their launch and how well they take care of their investors.
I've participated in almost every ICO out there. From experience I can say that Peerplays got their ducks in a row, they will go far.