My picks:
Best QB: Troy Smith. The most accomplished returning QB for 2006 (sorry Brady Quinn) is also the best dual-threat QB in college football (sorry Pat White). Brady Quinn's Notre Dame/Charlie Weis pedigree gives him the edge for NFL success, but if I'm down by 9 points with 7:49 to go in Ann Arbor with a Big-10 championship and BCS bowl bid on the line, I'd rather have Troy out there over anyone else in CFB.
Overrated QB: Chad Henne. I'm going with the consensus here. The most ballyhooed QB north of the Mason-Dixon line for the past two seasons is 0-2 against the Irish, 0-2 against the arch-rival Buckeyes, and 0-2 against bowl foes Texas and Nebraska. He'd be 0-0-2 against state rival MSU without the benefit of the modern OT format, while the biggest win of his career came against Penn State in a game that required 60 minutes and 2 seconds worth of regulation play to win.
Underrated QB: Chris Leak. Yes, I'm going against the grain and saying Chris Leak is actually
underrated. He's had one head coach who was flat out miserable at game planning and crunch time management, and another who is trying to fit his square peg talents into a round hole system. He had to battle Ingle Martin for a starting job when he was clearly the better talent, and now he has to battle golden-child Tim Tebow to keep the starting spot he's earned. His three season records are 8-5, 7-5, and 9-3. He's 2-1 against Tennessee, Georgia and Florida State, 1-2 against LSU and in bowls. Maybe not stellar, but it's not as miserable a record as people seem to want to remember despite all the problems and changes he's been subjected to within the Florida coaching staff.