I like MAC because they do have such a great color assortment, but I agree they are somewhat overrated. I think Stila, Urban Decay or Lorac are higher quality than MAC, but they don't have the huge color selection. At least as far as e/s and blush. Although, no one beats MACs MSF's!
Last year was my first time trying their studio fix powder and concealer and I am hooked. My skin looks flawless(with drugstore powders and concealers it was impossible to conceal some of my imperfections.) and I am applying my makeup overall in less time.
their e/s range is impressive and great, as well as their pigments, they also have regular new collections. i also have a MAC brush, and if it weren't for the price and my student wallet, i'd have them all.
I'm a new MAC fan but the reason I like it is because everything seems to work so much better for me then drugstore brands. Especially the eyeshadows and foundation- I think they're the best I've tried but then again I havent tried many brands to begin with..but they work wonders for me so theres no need to spend more money on other brands when I have stuff that works. I would if I could though..but I love MAC.