I don't think it's underrated as a whole, though I think some songs on it might not get the recognition they deserve for various reasons. For example, I think the title track is, musically, SY's best song ever. But the vocals.. yeeeeeah. Not my thing.
Panty Lies used to be my least favorite SY song but the guitar riffs are amazing.
In fact, the riffing on that album, as a whole, is incredible. Some of the weirdest riffs ever.
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