I wouldn't call him under or over-rated, but I definitely don't see him performing above middle-to-late second round value.
Multi-position eligibility is only useful if it is between two positions with similar depth and value in absolute terms. Guys with 2B/SS eligibility or 3B/OF eligibility fit this mold. Figgins' 2B/3B/OF eligibility is essentially useless, because he has significantly more value at 2B than anywhere else. So you can throw that out the window when judging his value.
I certainly can't see him improving on last year's numbers, but there's a good chance he will still be a top-3 2B in '06. However, Soriano, Utley and Cantu have the upside to outperform Figgins' ceiling, and with Soriano and Cantu typically being drafted later, I like them better from a value standpoint.