That time of year again is it? 
Medal of Honor: Pacific Assault:
Very good atmosphere and character/storyline development for that type of game, wide variety of environments.... it's the best WWII FPS apart from CoD imo.
Command and Conquer: Renegade:
Fantastic array of weapons (one of the best I've ever seen in a FPS), varied levels, and a reasonable storyline.
Driv3r:
Not without it's faults, but far from the steaming pile of crud many would have you to believe. The cutscenes are very well done and some of the missions quite entertaining too.
Tribes Vengeance:
Suprisingly few people talk about this game, I thought it worked very well. The jetpacks make combat interesting and you get to see the storyline from a few different points of view.
Need for Speed: Porsche 2000
Arguably the best of the series, this strikes a nice balance between pure arcade racer and semi-sim thanks to the persistent damage model and exciting handling.
Deus Ex: The Invisible War
I played this before Deus Ex, so I was able to judge it on merit, not some preconceived view about what the game should be like. I thoroughly enjoyed it, I think the fact that it may have disappointed some people has clouded their judgement into thinking that it is a bad game. Let me put it this way; a game 80% as good as Deus Ex is still a very good game.
For the record, games such as Fahrenheit and Vampire: The Mascerade are not really what I would call underrated since nearly everyone who has played them rates them fairly highly - although it is certainly fair to say that they are relatively under publicised.

Medal of Honor: Pacific Assault:
Very good atmosphere and character/storyline development for that type of game, wide variety of environments.... it's the best WWII FPS apart from CoD imo.
Command and Conquer: Renegade:
Fantastic array of weapons (one of the best I've ever seen in a FPS), varied levels, and a reasonable storyline.
Driv3r:
Not without it's faults, but far from the steaming pile of crud many would have you to believe. The cutscenes are very well done and some of the missions quite entertaining too.
Tribes Vengeance:
Suprisingly few people talk about this game, I thought it worked very well. The jetpacks make combat interesting and you get to see the storyline from a few different points of view.
Need for Speed: Porsche 2000
Arguably the best of the series, this strikes a nice balance between pure arcade racer and semi-sim thanks to the persistent damage model and exciting handling.
Deus Ex: The Invisible War
I played this before Deus Ex, so I was able to judge it on merit, not some preconceived view about what the game should be like. I thoroughly enjoyed it, I think the fact that it may have disappointed some people has clouded their judgement into thinking that it is a bad game. Let me put it this way; a game 80% as good as Deus Ex is still a very good game.
For the record, games such as Fahrenheit and Vampire: The Mascerade are not really what I would call underrated since nearly everyone who has played them rates them fairly highly - although it is certainly fair to say that they are relatively under publicised.