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Ferraris are less common and definitely 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.
Hmm... First off, Ferraris are more common than Lambos. They sold 6587 cars in 2008, compared to around 2400 for Lamborghini. That's a big margin. Secondly, it's a matter of opinion. Personally, if I was given a choice of a Ferrari or a Lamborghini straight up without knowing which car I would get, it would be hard to decide. I would probably choose Lambo because I wouldn't want to risk ending up with a Scaglietti.
And who cares about Ferrari merchandise? That's just for wannabe fanboys. No offense.