Meshuggah is under-appreciated from What I've seen online. The song "Straws Pulled At Random" is one of my favorites. dat 7/16 - 6/16 - 7/16 - 6/16 - 6/16 pattern.
I think most of the posters in this thread need to use a dictionary because I don't really see anything underrated in this thread
As for my two cents, there was this death/thrash band called Incubus that released a record in like 1987 that's totally fucking insane. The drumming in particular is something else. I think they don't get much love because I guess they technically were a Christian band. Also Sacrifice from Japan. The first record is retarded heavy. The slow parts sound very Celtic Frost, while the majority sounds like a faster Motörhead
The Sins of Thy Beloved supposedly had enough new material recorded for a new album, but have remained inactive for the past 10 years due to internal conflicts. I hope they return some day.
Some bands I think are not as well-known as they should be are Liturgy of Decay, Mørkheim, Cry of Silence and Etheric Void.
For those of you who are into avant-garde black metal à la Deathspell Omega, Portal and Blut Aus Nord, you should definitely try Dodecahedron and their eponymous album that came out at the beginning of 2012.