What is the most under-rated comic event and why is it important?
Easy question, hard answer! Remember NOT your favorite just the most under-rated (or over-rated).
For me No Man’s Land established a map of Gotham, introduced Cassandra Cain, and changed many characters for years to come (ever heard of Harold Allnut?), yet few have heard of it.
Followed by the less biased (maybe favorites and most under-rated are the same sometimes!) Reign of the Superman which introduced everything from Superboy to the start of Zero Hour!
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I might have to go with Infinite Crisis.
I absolutely loved the tension & buildup through so many different titles leading to the event. From Max Lord killing Blue Beetle & controlling Superman then being murdered by Wonder Woman for it. & Superboy being controlled by Luthor & almost killing the Titans.
Which leads to characters from Crisis on Infinite Earths coming back after a whole 20 years!! I thought the change from hero to villain for Superboy Prime & Alexander Luthor was so great. Everything was on such a cosmic scale. We had Earth 1 & Earth 2 Superman fight each other, fight side by side, the death of Superboy, Jaime Reyes as the Blue Beetle & even Bart Allen becoming the Flash (basically)
Very underrated to me. I thought it was so much easier to follow than say Final Crisis & served as a perfect sequel to the first Crisis. Superboy Prime in his Anti-Monitor armor is so badass, & it was a huge return to form for Wonder Woman realizing who she is & being better for it. & this all leads to the underrated 52 as well.
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George Perez’s War of the Gods.
It ended his run on Wonder Woman on a high note, celebrated her 50th anniversary, tied together threads from various pantheons (including those that spell out Captain Marvel’s secret word), and was a great story to boot.
Totally overshadowed by the Armageddon 2001 event going on at the same time.
I don’t know if Blackest Night is underrated but I loved it (I read the main miniseries and all GL and GLC tie ins in one day). And this one is not really an event but I enjoyed OMAC Project read together with Rucka’s Wonder Woman run which had crossover with 3 Superman titles at that time (Superman Sacrifice) and… I think it’s better than Infinite Crisis tbh… If you want to read the older Rucka’s Wonder Woman run (and you definitely should do it) I strongly recommend reading both Superman Sacrifice crossover, Countdown to Infinite Crisis and OMAC project mini together.
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@Guy I read Blackest Night and crossovers in one day as well! loved it!
@Krypton I loved Superboy Prime’s armor too! Hope they bring that back soon!
@all several WW series are being added to my reading list! (with cross overs 
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Invasion is pretty great, IMHO. Not one you hear about too much, unfortunately.
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Armageddon 2001. Whenever people talk about it, all they focus on is how the ending was changed. They never talk about the amazing stories that were in those annuals. Detective Comics and The Flash were two of my favorites in that crossover.
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@TheBatgirlofNML I found my reading order for Rucka’s 2003-2006 run for another post and I’ll just paste it here:
Wonder Woman: The Hiketeia
Wonder Woman Vol. 2 #195-213
The Flash Vol. 2 #219
Wonder Woman Vol. 2 #214-217
Countdown to Infinite Crisis
The OMAC Project #1 (2005)
Superman Vol. 2 #218
The OMAC Project #2
The OMAC Project #3
Wonder Woman Vol. 2 #218
Superman Vol. 2 #219
Action Comics #829
Adventures of Superman #642
Wonder Woman Vol. 2 #219
The OMAC Project #4
Wonder Woman Vol. 2 #220
Adventures of Superman #643
Superman Vol. 2 #220
The OMAC Project #5
The OMAC Project #6
Wonder Woman Vol. 2 #221-226
Infinite Crisis Special: The OMAC Project #1 (2006)
The Last Ha Ha (The Joker issue 3, Denny O’Neil, Ernie Chan & J. L. Garcia Lopez)
The Joker vs The Creeper, nuff said.
Actually the entire The Joker 9 issue run. The first villain to get his own series and it’s pre-killing joke. It has that truly chaotic, sociopathic Joker. That version is far more disturbing than killing joke/post-killing joke he has morphed into.
Identity Crisis is excellent, and not as well-known as other series.
See, a lot of ones people mentioned on here don’t seem that underrated to me.
For an actual event book, Legends is pretty good and tends to be kind of ignored. Bat-Crossovers have some hidden gems like NML and Legacy from a year or so prior. Contagion’s not quite as good, but still has a cool, creepy atmosphere. The '90s Bat-Crossovers in general are much better than the '00s.
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Flash #123
It singlehandedly created the most important concept in the history of DC comics.
The Multiverse
In that sense, beyond Action #1, it can be argued for it is the second most important book in the history of comics. (Yes, even more important that Detective #27, sorry Bat-Fans)
I’ll leave you this to ponder,…Where would comics be today without the concept of the multiverse? How many great storylines and characters would have been lost to history without the multiverse?
I always like to recommend suicide squad vs justice league. I think it’s a really exciting story and love the art. The lead up to the crossover as it was early in rebirth isn’t long and I also think it’s worth checking out.
Rotworld, Swamp Thing is under appreciated as it is, Scott Snyder’s revamp of the character in the new 52 was sublime.
I give another vote for Invasion
For in title crossovers A Twist In Time would be my favorite.