His cases are overrated. I only liked the second one (Magician's meeting - Kid was mostly irrelevant) and third one (gathering of detectives), the rest are all either way too easy or japanese wordplay which is pretty much impossible for non-native speakers and not fun to try to solve (or a combination of both). Usually, the murder mysteries where Kaito takes second stage are better than the ones where the whole goal is catching Kid.
As for Kaitou Kid being overrated, he does fulfill the role of real rival to Shinichi, and routinely partially succeeds at his crimes which is nice because Shinichi has recently (past 400 chapters or so) been portrayed as otherwise impossible to get the better of. The negatives concerning Kaito are that he has pretty much no character development, and will never have any direct relevance to the plot.
Although I didn't particularly like Magic Kaito, I liked Kaito's interactions with the Nakamoris and the rest of his class as he attempted to pull off heists. That aspect doesn't exist in DC because Kaito isn't a character outside of his Kid role. It means he loses a lot of his charm.
Plotwise, magical crying gem Pandora will never be incorporated into DC because it simply just doesn't match genres. Without Pandora, unless Gosho wants to write a new backstory, Kaito Kid has no reason to involve himself in anything plot related, unlike Hattori who is a friend to Conan.
I used to want to see him taken down a few notches, but I realized that was merely a proxy for my real desire to see him actually do something interesting that develops his character. Getting caught would do that, but I don't really care at this point how it happens. Having likable cases would also help.
Only Kuroba Toichi Kid and his past interactions with the adult characters like Sharon/Vermouth stands any chance of showing up in the plot. The problem is Toichi is rather dead, so his involvement, if there is any more, will be limited to flashbacks.
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Summary: Kaito Kid is sometimes interesting, but he is unlikely to develop character-wise or plot-wise. He probably deserves about the same level hype as Hattori. As Kaito Kid seems to get more hype than that, he is overrated in my opinion. Kaito's cases are also mostly mediocre or worse.