Holmgren IS Overrated, but he is still one of the best coaches out there. I think as a GM/Personel guy, he is lacking. Ron Wolf really ripped Holmgren off in the Ahman Green for Fred Vinson trade. Wolf also got a good deal for Derick Mayes from Holmgren.
Holmgren has had 3 years to mold Seattle into a winner, and if they aren't at least a 2nd round of the playoffs team this year, he will get some critizism. His #1 draft picks this year had better not be busts either.
Personally, I hope Holmgren fails miserably. I'm a Packer Backer, and nothing would be better than if Mike Sherman succeeds while Mike Holmgren fails.