Of all the gov I've ever served under or been a part of, I'd say the only one that was not overrated was Elysium-TPF-gov-thingy, which in some form survives to this day (and is very much underrated, IMO).
Every government of FCO during my time there (though, this probably doesn't concern anyone from outside FCO) had some major flaw (my own included), I couldn't get a hang of ODN's gov (though, this doesn't say much, might be just me) and most of the Legion's members of gov during my time there (from early 2007 to Legion disbandment crisis) were either bickering amongst themselves, incompetent or handicapped by the incompetence of others.