2 real guitarist and the Edge.
he doesn't even know how to play his own songs, it takes Jimmy page 3 seconds to get it down pat, and between him and Jack White they improve it just by playing it well.
Bono is a front man and much like the Edge, take away his effects and he sounds terrible.
I guess what U2 have done is make effects main stream, which has reduced the costs to us mear mortals, including autotune. oh and made a massive amount of money so they can't be that bad I guess. Mr Page wouldn't be doing it if he didn't think the Edge had something, so maybe I'm not giving him enough dues, he's better than me at it too so I can't comment to much.
overrated/overhyped, anything in the mainstream me things. stick Simon Cowell behind it and it's almost guaranteed to be overhyped.