I meant overrated in terms it being a queen stage, wasn't questioning it's difficulty. As Queen Stagiaire said, the last 4km being so hard is the problem as it discourages long range attacks. Similar to the Marmolarda, as a MTF it sucks, but as a penultimate climb it's awesome.
As Red Rick said, it would work well at the start of a block of mountain stages.
I haven't ridden Tre Cime, but as it happens I was in the Dolomites last month and I agree with you, the scenery is incredible and it's the best place I've ever ridden a bike.