I don't necessarily consider Federov overhyped. We didn't have to speculate how he'd do against the best of the IFBB. Federov competed head-to-head with them and he did well (at least in two shows, anyway).
Granted, you can argue that, at the Olympia, there would be more quality bodybuilders between him, Cutler and Coleman. But, he did well against those two and beat several top 10 Olympia placers who were in that 2003 Grand Prix show.
Guess I need to see the pictures. I took a quick Google image search for Fedorov and the pics I saw didn't speak well for his physique. His record as a pro isn't all that impressive. He couldn't even win the Russian Grand Prix. You'd think he'd be a hometown favorite and would easily take first, no matter the competition.
2003
European Amateur Championships - IFBB, Super-HeavyWeight, 1st
Grand Prix Russia - IFBB, 3rd
2004
Grand Prix Russia - IFBB, 2nd
2005
Olympia - IFBB, Did not place
2006
Grand Prix Austria - IFBB, 10th
Grand Prix Holland - IFBB, 9th
New York Pro Championships - IFBB, Did not place