One that comes to mind is Sam Neill. Granted not all of his movies are what you would call Oscar worthy, however he gives his all and has given us some very compelling characters. Two that stand out is the grown up Damien Thorn in The Final Conflict (aka The Omen III) and Dr. Alan Grant in Jurassic Park I & III. And his role in the upcoming J.J. Abrams show Alcatraz looks very promising as well.
This is a really hard question! There are so many underrated actors... Really, only very few fortunate ones get ANY recognition.
But anyway, right now I can think of
Gary Oldman because at one point in his carrer he couldn't get work! Accepted a role in Harry Potter 3 cause hadn't acted for a year.
But there are so many others I won't even begin to write it down or I won't stop.
God! There are so many. Madeleine Stowe, Michael Madsen, Steve Buscemi, Laura Linney, Mary Stuart Masterson, tons more... not to mention loads of 'tv' stars!