Majora Mask is one of the most overrated games in video game history. I find it pretty strange that everyone thinks this game is underrated, and that is what makes it overrated: the fact that a lot of people say good things about this game, and think it is underrated. To be honest, I haven't found a lot of people who really thinks this game is bad... most people love this game!
I'm not saying other people's opinions are bad, though: I love Majora Mask, and it is my third favorite game (Paper Mario is second and A Link to the past is first), but I'm pretty tired of seeing opinions of people who say Majora Mak is underrated.
I can understand those opinions: back when the game was released, a bunch of people thought the game was really bad and disliked it inmediately, leaving the game almost untouched and collecting dust somewhere in their houses. I can understand people thinking the game limits exploration a lot with a time limit, making it seem like they don't even know what they are saying because the game contains a lot of exploration elements. And I can also understand people not appreciating the time limit and the fact that there are only four temples in the game, and that there is no Zelda although the game is a Zelda game.
But thinking Majora Mask is underrated is kind of crazy. More and more Zelda fans have been giving Majora Mask the praise it deserves since its release in the Virtual Console, and the game unexpectedely became one of the greatest games ever for most of those fans. But its moments of living in the shadow of Ocarina of Time are gone. I know people feels very good when they can appreciate an underrated game, as it feels like they have a treasure in their hands, a game they are linked to it, related in some way.
And yes... I know some people hate the game a lot. But the time limit does restrict the exploration elements, and makes the player feel kind of tense, thus making the experience much less enjoyable. Majora Mask would be my favorite game if it wasn't because of the time limit, although the tons of sidequests in this game are related to the fact that Termina will only live for three more days and all the characters act as an answer to this fact, setting the dark tone for this game. And four dungeons makes the game pretty short, actually: most Zelda games have eight dungeons, some have a little less (I believe Spirit Tracks only has five or six dungeons), and some have more (A Link to the Past has 12 dungeons).
Seriously, I can understand people have the feeling this game is underrated, but most gamers appreciate it a lot. I know how it feels that suddenly everyone starts playing a game that was your own treasure which you were linked to, and it happened to me with one or two games. But Zelda gamers have to admit this game is no longer underrated, and not admitting this will make the game be as overrated as some modern games.