Everton are prob the most underrated team in the division, with some of the most underrated players in the world, same goes for the manager.
Howard, Lescott, Yobo, Baines, Arteta (how is this guy not playing for Spain? even allowing for Cesc this is ridiculous), Cahill, Pienaar & Yakubu (scorer of more EPL goals in last 4 seasons than anyone other than Henry!) are all top quality players.
David Moyes has achieved remarkable things with them, esp in comparison to the managers (& the budgets) around him in the league. Sven, Rafa, Jol all have spent many times over what Everton have in recent seasons, yet they constantly buzz around the european places, even making 4th in 2005. Sure, the inexperience of the big stage has shown in europe but they still have achieved remarkeble results.