The dawn album gets recognition from the DLA, its a good album, but I don't think its under-rated.
One I think is under-rated was the first release by the Covenant. their current incarnation is dreadful which would understandably turn away most intelligent metal-heads. I'm not too sure what year it came out 94/95?
another one I think is the first Endstille album; operation wintersturm, but then again it came in the post 2000 era where nothing is really expected from black metal anymore. It wasn't great, but it was really good, and hard to come by unless your in Germany.