Under rated. They are the Spurs' top threat in the West. They have a huge front line. They rebound like no other when Pau is playing and not sitting. They are a top-shelf defensive team, much better than San Antonio in the first third of the season. They have the NBA scoring leader, who also happens to rank 4th in steals/game.
It will be interesting to see how effective the Spurs are using a small lineup against the Lakers. Going small, using RJ at the 4, has been an effective weapon against some teams but Lamar Odom or Ron Artest are pretty quick. The Lakers don't have many weakenesses, except when Kobe controls the ball too much (sometimes, that is not a weakness either). When Bogans gets in foul trouble, the Spurs won't be able to go small and Kobe is going to get his 30 - no doubt.
Kobe really does a nice job defending Manu, so it will also be interesting to see just how healthy and mobile Manu is when this matchup occurs.
LA has several players with high FG% and efficiency ratings. It's a great team and ranks right up there with the great teams the NBA has seen over the decades. Under rated, indeed.