First, I always wear a helmet. I feel it slightly increases my chances of less road rash, and other minor-type injuries. I would prefer the addition of some sort of face guard, however.

Second, Yes, I would agree with the above statement. "The cycling helmet, itself, is simply overrated in its effectiveness. "

There is an argument out there in helmet argument land that if the money spent on the purchase and promotion of helmets was spent, instead, on bicycling safety and techniques promotion and classes and whatever, the entire bicycling world would be safer. It may be a true argument, but it is also specious in that it would never happen - spending as much money on safety education as on helmets.

So, as I wear seat belts and drive defensively, and have a convex extra mirror on my car for blind spots in my rear left side, the helmet to me represents a slight increase in safety vs the discomfort/cost/whatever negatives of wearing a hemet.