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PCStrikeouts are not an overrated stat, just maybe not the best stat determining the Cy Young Award.
I think a strikeout is just as good as a pop out, but only if the fielder catches it. A fielder could drop a pop fly. So, to be on the safe side, I would take a strikeout over a pop fly. Of course, the catcher could drop the third strike, but the batter is less likely to be safe at first compared to a dropped fly ball (which should always result in first base if the batter is not Juan Gonzalez).
This reminds me of the old saying -- "a walk is as good as a hit". I don't think so. A hit increases your batting average. A hit ball can also be missed, or result in a throwing error, leading to extra bases. For the same reasons, a walk might be as good as a passed ball on strike three, but not always.
But a walk is as good as being hit by a pitch. It is also as good as catcher's interference.