Truth is, both fighters have people who under or overestimate them. There are guys who see Taylor as he was before he fought for the title, the guy who dominated all before him with a combination of good jab, speed, power and skill; while there are others who can't see past his last few awful performances. Some guys see Pavlik as an untested contender who beat another untested contender, while others see him as an unstoppable beast.

Personally, I think both guys have limitations. In Taylor's last few fights, he seems to just be lost on what he's supposed to do in the ring, even his trainer is pissed off with him; and even the pre-champion version of him never dominated anyone of world class.
Pavlik has great power and a great chin (Miranda was limited, but one thing that crazy mofo could do was punch, and he did land flush on Pavlik without wobbling him.); though Kelly's skills when it comes speed and footwork is very limited.

IMO Pavlik is there to be outboxed by some of the craftier older guys like B-hop Winky and JC, the question is wether Taylor can do it. I'm with Wacko, I think he's bought into his own hype and hasn't been at the top of his game for a long time. Even if he is at the top of his game, I still don't think he has enough skill and/or stamina to keep Pavlik off him all night.
I see Taylor looking quite good in the early rounds before Pavlik begins to get to him. I'm leaning towards a close decision for Pavlik.