I think it would be interesting for those who are still around to revisit their list of overrated albums from 2004 in 2008 and see if they've changed their opinions any.
If anything Good News by Modest Mouse is incredibly underrated. Hardcore fans couldn't take that it was a hit so they picked the Moon and Antartica to be their cult classic. Before Good News nobody thought of the Moon and Antartica as the best albums of 2000. It wasn't until they finally got a hit that fans rebelled and declared the Moon as their best record.
This just isn't true. Moon was on quite a few indie EOY Top 10 lists for 2000, including No. 3 on Pitchfork. As a result, Good News was HIGHLY anticipated in the indie community. As far as backlash over "Float On" breaking, there may be something to that.
Either way, I'm no fan of Modest Mouse, but I certainly remember huge hype at the time of Moon (mainly because Lonesome Crowded West was already a beloved album).