somebody asked me the other day if having tenure was overrated

Meanwhile, I received the following update from a JFW reader who is a graduate student on the assistant professor market this year:

In other news, I'm up to 77 applications now!  No interviews
or official short-lists yet, but I am able to announce that the winner
of the 2006 [surname deleted] Rejection Award goes to none other
than...[schoolname deleted] University!  Congratulations, [schoolname deleted], 
for being the first school to send me a rejection letter (and over email,
no less).  You join a long list of previous winners that include some
very attractive high school students, as well as several major credit
card companies!  Runner-up awards soon to follow, including the
ever-prestigious "We're rejecting you before even sending you the
affirmative action form" Award.  Stay tuned!...

So, anyway, the answer is no, having tenure is not overrated. Regardless of whatever ways having tenure does not mean having a guaranteed job for life, it still means having a job for now. Those who are sending out dozens of applications, crafting job talks, and laying awake at night wondering if you are going to end up working the buffet at Sizzler instead of a faculty job, you have my sympathies. I do not at all envy your situation, although perhaps your youth.