Ferraris are less common and definately not overrated(ferrari merchandise looks good by the way). You get a lambo when you want to look cool, but you get a ferrari when you are cool.
Maybe it depends on where you live, but in my entire lifetime of almost 21 years, I've seen probably four lamborghini's on the road, and I live in southeastern Michigan, 45 minutes from Detroit, so Woodward cruisin is an all-summer event, and not just classic cars go out there.
The two lambos I remember didn't even occur until last year. I saw a Gallardo spyder go past me one day, and then I also saw a white Diablo. Both were gorgeous, and I'll never forget seeing them.
Ferrari's, I've seen an F430 a few times, 360's quite often....but the rare ones I've seen....I know someone who has a 599 and I couldn't believe it when I saw it near my house, and I've also seen 1 Enzo. So with my experience, I've seen more Ferrari's on the street than I have lambo's, but I think I like them both pretty equally. However, my favorite sounding car ever is probably the Murcielago.
The more cars the better, and every time i see a Ferrari or Lambo on the street, I'll probably freak out as I stare in awe. Lambo would just make everything that much sweeter for the GT series.