What's the most overrated or overpriced piece of equipment you own, have owned or come by?

Schiit audio Yggdrasil. 
Its an OK dac but no where near  as good as the hype would lead one to believe. I know, I owned it.  

I own the direct stream after trying a few dacs. Defiantly don't regret it. no problem with Hi res. Try every dac u can get your hands on.

Biggest regret was a denon blu ray player. $400 piece of junk that denon didn't even care about so they never updated the firmware

I do own a Bose Acoustimass III Series passive subwoofer that i bought for ~$10 and that i just adore...It sits hidden up behind and driven by a Fujitzu 55" Plasmavision in my wood paneled bedroom, where it feeds 2 mismatched Klipsch center channel speakers (SC: 5,  aimed left and KV - 1, aimed down), also hidden and paid about the same price...
They yield a quite surprisingly pleasant and unobjectionable result. Haha

Very good and interesting perspectives here guys. Happy Listening!

When trying out an Ayre Codex, was able to try out some very expensive cables (greater than $1K price range) between the Codex and our amplifier.  On a single-blinded test ( spouse was changing the cable ) I was not able to tell the difference between them and ordinary cables.  So we certainly did not purchase them.  but very happy with our Ayre Codex purchase.