I do think that
Master of Puppets - the album and its title track - have been very much overrated. The album is in last place for me out of the first four (
1. Ride the Lightning 2. ...And Justice for All 3. Kill 'Em All 4. Master of Puppets 5. the Black Album), and the song, while so many seem to consider it the best metal song or at least Metallica's best song, would not make my top ten of that band. However,
Puppets has great songs beyond the title track. Try "Orion" or "Battery". If you don't like the production on the album, try any of the many live versions ("Orion" I don't think has an official live release, but
an extension of the official site offers audio of every live show since around 2003, which, coincidentally, was the year of that song's live debut).
But, if I may quote The Flash, Metallica is "underrated because of their overratedness."
No, Kirk Hammett is not a great guitarist. He overuses the wah and sometimes his solos seem to sound the same. But he is not untalented. Judging by the songs on which he has credits, he's created some very good riffs. And some of his leads are admittedly good (pretty much all his playing on "One" comes to mind, as does "Creeping Death"). And then there's Lars. As far as metal drummers go, Lars is unquestionably subpar in his live playing, and most of his studio playing. Only on
...And Justice for All have I heard anything even slightly impressive from Lars, and most of that he couldn't replicate live. But on all the other albums, he generally just keeps a low profile, and while there is nothing impressive about it, to me it is not annoying bad. The reason non-metalheads tend to praise Lars, I think, is because as a
rock drummer he would be above average, but his playing doesn't cut it in the more drum-centric, virtuosic world of metal. There's no question that Lars Ulrich is the weak link of the band, or that Kirk Hammett is not by any standard a great, standout guitarist. However, it has gotten to the point where many metalheads, tired of uninformed praise of them by non-metalheads, disparage them to an unfair level. As The Flash says: "underrated because of their overratedness."
I'm glad we agree that James Hetfield is a monster on the rhythm guitar (I would call him the master of the heavy riff) and (at least before
Load) on the vox. And I would say that he's still got it as a singer. Yes, he's had to modify his approach quite a bit, but he proved this year that he can still pull off some of his harsher singing, at least for short periods, when he sang "Fight Fire With Fire" at Orion Music + More (video in the spoiler tags below). Also, concerning James, I love his lyrics from the earlier times (I've heard that lately he's been turning out stuff like "what don't kill ya make ya more strong," which is disappointing, coming from the guy who gave us "Yesterday seems as though it never existed" and "New blood joins this earth/And quickly he's subdued/Through constant pained disgrace/The young boy learns their rules").
Can I just talk bassists for a moment? Cliff Burton was a giant on the bass (though not at Steve Harris' level), as is shown in "For Whom the Bell Tolls", "Orion" and "(Anesthesia) -Pulling Teeth". And Jason Newsted, when you could hear him, was no slouch either ("My Friend of Misery"). I've not heard much of Trujillo, but I have heard him playing Burton's parts on "Orion", and while he's no Cliff, I have no complaints.
As far as I'm concerned, Metallica as a whole is greater than the sum of its parts. It is not a highly virtuosic band, but they have made some (in my opinion) great music, particularly in their 80s years. I can understand a lot of the many reasons why someone would not like Metallica, but I do very much enjoy the band and, since you've asked for dissenting opinions on them, I've given mine in hopes of convincing you to give them another shot. I am very accepting of dissenting opinions, though, on this controversial band.