Osgood was good and not overrated and Howard is elite. Im too tired to tell why but he is.
Osgood was so mediocre it's not even funny. He gets all kinds of credit for having 3 cup rings, but the fact of the matter is he played on phenomenal Red Wings teams and that was the majority of his success. A career save percentage of .905 does not count as an elite "clutch" performer, nor should it put him into Hall of Fame consideration.
http://brodeurisafraud.blogspot.ca/2010/12/two-sentence-argument-against-chris.html
Here's an article showing Osgood's record when his team had a 20+ point regular season lead going into the series, and when they didn't. He's 7-1 in series with a 20+ point lead, and 8-8 if they don't have it. Surely if he's a good goalie and is as clutch as people claim, he'd be better than .500 when his team has a less than 20 point lead in the standings? Goalie wins are meaningless. I'm a goalie, and I've played on great teams where I get heralded as the greatest thing since sliced bread. Then the next year I play on a crappy team, and suddenly I'm not a "big game" goalie anymore. Osgood had the luxury of playing behind some absolutely stacked Red Wings teams, and arguably the 2nd best defenseman of all time. Sure, they won 3 cups with him, but do you really believe that was because of Osgood and not Lidstrom, Datsyuk, Zetterberg, Kronwall, Yzerman, LArionov, Fedorov, the list goes on.
As for Howard, I think he's better than Osgood, and he's an above average goalie in the NHL (meaning I think he's in the top 10-15), but he's not elite (which to me means top 5). The top 5 in the league to me are Quick, Lundqvist, Rinne, Luongo, and Price, in that order. Howard belongs in the next tier below those guys, he's not quite at that top 5 level, but he's an above average guy and is definitely an asset to any team. I'm not linking Howard and Osgood, Osgood was an average ish goalie who gets undeserved elevation to elite status, Howard is an above average but just shy of elite goalie who is perceived as such. There's a big difference to me.