I don't think Chrono Trigger is overrated at all. I can't think of many RPGs on the SNES, or even on modern systems, that can rival Chrono Trigger. Awesome story, music, graphics, characters, battle system, replayability... the list goes on. The only SNES games I'd even put on the same plateau with Chrono Trigger are probably Seiken Densetsu 3 and Front Mission... maybe Final Fantasy VI and Star Ocean. Bottom line--Chrono Trigger is the benchmark for Japanese-style RPGs.
Apparently, some text referring to demons, alcohol, etc. and possibly some plot-related text as well, were cut out of the English release. An unofficial re-translation is being worked on at the Chrono Compendium (as well as dozens of quality fan-made games and hacks).
Unofficial Italian translation: SadNES City Translations
About Chrono Trigger
The retranslation patch was apparently completed in Sep 2007 (actual translation on Mar 2007).