I'm in the "Dylan is overrated" camp. That's not to say that he didn't write a lot of excellent songs, and influence many artists. But no one -- and I mean no one -- deserves the beatification that Dylan has received, most of which comes from people who haven't listened to anything recorded after 1975. Most of Dylan's most memorable stuff was recorded HALF A CENTURY AGO, people! And his ardent fans conveniently forget the, oh, 20 or so albums of crap that Dylan put out -- such as Self Portrait, all that religious dreck, Street Legal, etc. It is theoretically possible that work that is half a century old is still relevant and sublime, just as the Victorian novel remains the highest form of the genre, 150 years later. That is perhaps a discussion worth having, but only if those making the case for Dylan have some familiarity with what has been recorded over the last few decades or so. Unfortunately, that is seldom the case. Some Dylan fanatics are locked in a time warp in which the prevailing view is that no good music has been recorded since about the time of Led Zeppelin IV.
Some argue that Dylan's confusing lyrics are "deep", and if you don't like them, then you just don't understand them. His early lyrics simply copied the style and phrasing of the beat poets -- nothing wrong with that, but let's not ascribe much originality to Dylan during that period. Many of his lyrics from 1966-1975 were just drug-inspired gibberish. To attempt to ascribe depth of meaning to them is either desperation or pretension. The fact of the matter is that there are many, many artists, ranging from folk to rock to electronic to hip hop, who have written and performed material equal to or better than Dylan's in the last couple of decades. And certainly, several of Dylan's own contemporaries were significantly better lyricists and musicians (notably Paul Simon and Joni Mitchell, to name but two). And just in case you're wondering, I am deeply familiar with Dylan's work, having gone through -- and thankfully emerged from -- a period of deep Dylan fandom earlier in my life.