Are free-float handguards overrated? I don’t think they’re overrated. I also don’t think they are absolutely necessary for every application, including my own use. But I do believe a free-floated handguard can contribute to a rifle’s accuracy.
For what it’s worth - and it probably isn’t worth much, becuase I don’t shoot a ton, and therefore I suck - I have two nearly identical mid-gas carbines with the same brand, same heavy profile, and same twist rate chrome-lined barrels. One has a free float handguard, the other has standard handguards. I had an opportunity to spend an afternoon at the range with just the two carbines; shooting the same distances, with the same ammo, and in the same conditions. I have found that I can get the free float handguard carbine to group a little tighter than the standard handguard carbine using iron sights, at 100 yards, and off a sand bag rest.
The difference wasn’t night and day, but it was apparent. I think my better groups with the FF handguard had around 4" spread, where the standard handguard gun grouped between 5"-6". I shot slow ( a few seconds between shots) 10-shot groups, and alternated carbines after each group. For the last couple groups with the standard handguard gun, I did try varying where I rested the handguard on the sand bag, but I was not able to determine where the sweet spot was. And if it makes a difference, the standard-type handguards were Cav Arms C6 ‘M4’ fat handguards with a Midwest Industries #03 rail mounted on the lower handguard half (no accessories were attached to the rail at the time of the comparison). The standard handguards are OD green, too. I went with OD green instead of black because I read that colored handguards (FDE, OD, etc) will give you an extra 0.5 MOA of accuracy at 100 yards. Yes, I am kidding about that.
The carbine with the standard handguards is still very capable of shooting ‘minute of man’ at 100 yards, so I the difference in accuracy, be it actual or just perceived by me, makes little difference to me at this juncture. But if I had to grab one gun before running out the door, I’d grab the one with the free-floated hand guard - because the lower receiver is painted tan, and painted receivers are good for at least an extra 1.0 MOA of accuracy at 100 yards. Yes, i’m kidding about that, too.
As with everything, your mileage may vary.