I have the solid, pearl, and fusion IQ's, and I love all three in the right circumstances. For me, all are drilled pin below ring or bridge (with the exception of a second IQ Fusion that has pin above ring). The IQ Tour Solid is kept at box finish or a light 2000, the original Fusion is at box, the second Fusion is at a high-gloss polish, and the IQ Tour Pearl was always kept at a lightly-scuffed 2000 (before it cracked).
Of the entire line, the Pearl and Fusion were my favorites. The Solid is great too, but it's really only good for me when the lanes are tough and I need control. It's not a ball I go to when I'm really looking to attack/score.
In any case, for me, the Fusion is a perfect all-around ball. It has good midlane control without being too early, and it has good backend motion without being snappy or over-under for me.
The Pearl was terrible for me at box finish (1500 polished). In that finish, it was too long and too angular. My carry was terrible with it, and it was very unpredictable. As such, I hit it with a light 2000 pad, and boy did that ball come to life. I still got more than enough push to clear the fronts on all but complete burn, but now the backend was smoothed out and much more rounded. The thing that always got me about the pearl though was the fact that even from deep inside, the ball had a way of getting through the pin deck and promoting great carry. Usually, I have to sacrifice continuation in order to get push from those angles, but it wasn't the case with the Goldie.
All in all, these balls are just like all others. They have to be matched up properly to the bowler and conditions using a combination of layout and surface prep. For me, none of the IQ Tour balls have been overhyped in the least. I think that I can use the three I have/had (rest in peace, Goldie!) to combat 95% of the conditions I'll see. If you're not matching up well with them, try some surface changes or a redrill. If that doesn't work, it's possible that there is just something about those core/cover matchups that don't fit your game and what you like to see, but I doubt that. Do some experimenting, and I think you'll find that line of balls as good as anything out there!