not really, Byakugan can easily counter it or the 3-tamoe mastered Sharingan. Though i do agree people underestimate it , its good against people like Gaara who aren't skilled in Taijutsu. Or someone like Lee who solely relies on Taijutsu.
Byakugan enables Neji to see the bones coming out of the body, and noone is better then Neji from K11 when it comes to sharp reflexes using the eye. Byakugan is underestimated as much also.
Oh shoot i replied to the wrong post above. C_C
Needa look at that technique again, chakra points are clearly visible. Your underestimating the best/2nd best taijutsu user of K11.