I don't bring an anvil, ever. The only negative I've found is the chance of getting a strange mood that requires an anvil before you get one. I've only had that happen playing modded games where you get sieged early on.
2 picks
2 dogs 2 muskox, or 10 dogs if I can't get muskox
16 plump helmet spawn/pig tail/rock nut/sweet pod
20 shellfish, 80 random food
100 random drink
the rest on tower-cap logs
skills:
miner
miner
grower/cook
grower/brewer
carpenter
I'd rather use the points from the anvil that I don't need on bringing lots of wood. Wood is the only thing in the game that I seem to be perpetually short of, at least in the first couple decades until I setup massive treefarming which I don't do until I've got 80+ dwarves to dedicate to clearing all of the stone out of an entire level. I don't even do this anymore, by the time I've got a good treefarm going I've built every bed, barrel, and bin I'm likely to need and if I don't have magma I don't do a metal industry so I don't need wood for fuel.
Having all of that extra wood at the start means that dwarves never sleep on the ground and I don't have to spend lots of time micro-managing barrel/bin utilization.
By the time I need an anvil I often don't even need to buy it. Goblins or Orcs have usually "liberated" one from dwarf or human caravans and left it sitting out on the map somewhere. I just have to find a dwarf brave enough to run out and retrieve it.
As far as the original question of "over-rated", I don't think it is a question of rating. An anvil is 1000 points, if you can't find a better way to spend them than on an anvil I don't think you're really trying.