Of course "Pepper's" is overrated, the production made such an impression then and was so influential afterwards that most of us didn't notice that the content was rather mediocre to Beatles standards. (Well I did, "Pepper's" was premiered on Radio London in an evening program in Europe and I, still in extacy about "Revolver", listened full of expectation but was very disappointed by "Pepper's". The morning after I appeared to be one of the few, very few who disliked this new Beatles album). "Pepper's" disappoints because John Lennon was busy doing drugs, drowning in self pity, neglecting his song writing. Paul McCartney had to come up with the material necessary to make an album. Too bad, he too was not writing songs as well as he used to do. He even had to rewrite one of the first songs he ever wrote (guess which song that is). In vain, it is one of the dullest compositions on that record. Too few Lennon songs, too much McCartney. Jealously McCartney almost destroyed the piece de resistance of "Pepper's": "A Day In The Life". But the song and the production were too good.
The production, however influential at the time, is very dated, even to my damaged ears. I find it almost unlistenable.
Especially for musicians among us: There is a very good site discussing most of the Beatles albums including "Pepper's". Google: The Beatles Mono Reviews 9 : Sgt. Pepper's Lonely Hearts Club Band. That guy is good (and he likes "Help", one of my favorite Beatles albums).
"Baxter's" is better than "Pepper's", but probably not as good as "Revolver".
I don't like any Beatles album after "Revolver" (I exclude "Mystery Tour",as it was not a proper album in Europe, though it has a few excellent songs "Fields", "Walrus", "Fool" and maybe even "Penny Lane"). The White Album" might have been the album to restore my faith in the Beatles, if it had been edited down from a double album to a single one. As I wrote elsewhere on this forum I made my own version of "Pillow", replacing those dreaful songs "Friend", "DCBA" and "Feel" by "Go To Her", "Bird" and "Other Side". Maybe I have to make my own "Pepper's", combining the best of "Pepper's" and " Mystery". That would make an awesome album! Even overshadowing The Stones. And they were certainly the better band in the late 60s, releasing better singles and far better albums.
And Babson, that acid glow still veils those albums you heard while under the influence, doesn't it?