Of course she's underrated. Anyone who's trying to compare to Vanilla Phoenix is going to look like trash in comparison.
But she's not too underrated. She doesn't die to everything like the community seems to think, but she can be merc'd by anyone who's been following and practicing the tech. --- NP: Path of Exile, UMvC3, SFxT UMvC3: Hawkeye/Dante/Sentinel, SFxT: Guy, King, Jin, Abel, Elena
Overrated, if anything. If you remove the XFC TAC glitches, then we can talk. Until then, having to save 5 bars of meter, survive multiple snap-in attempts, playing without a second assist (and nothing for your second character), and having to survive a 1/3 mix-up on a character that is also counterpicked by two of the game's top anchors (Strider, Vergil) sounds anything but great to me. Not to mention sure-kill setups, Soul Drain, and the addition of Gimlet and Spell of Vishanti to make her comebacks even less reliable. I think FChamp has the right idea. She's incredible against players that are solid at the game, but she's not something you can bank on against people that are great at the game.
I use her and enjoy her, but I don't see why anyone would realistically pick Phoenix over Vergil if you're playing to win. She is like Felicia right now. Technically good and worth picking, but why work so hard when you can just pick a Wolverine or Wesker instead? --- My Ultimate Dormammu Guide: http://tinyurl.com/6mr4lhv My UMvC3 Team Building Guide: http://tinyurl.com/8x865ra