Happiness...An Overrated Concept?

Happy?  What the heck do we mean when we wish someone is happy?  ("Hope your holiday was happy!"  "Well, at least you seem to be happier now.").  Are we cows, contentedly grazing on cud in some pasture?   Actually, some days I think maybe that wouldn't be so bad....

But happiness is overrated....What is it, anyway?  Does that mean that I am "at peace" with myself?  That I like what I'm doing or where I am?  Does it mean I have a good measure of satisfaction in life, and even though things aren't perfect, that I can still feel good?  Is happiness a state of mind (emotional) or a state of being (basic conditions must be met)?

Is happiness based on our own personal pleasure and "joy"...Epicurean in nature....or is it rooted in virtue and material conditions (wealth, health, education, etc), independent of our feelings, and therefore Aristotelian in nature?

Can we meaningfully say, "Ah, I was happy ten years ago, but I didn't know it at the time?"  If so, then maybe happiness is a result of basic conditions that are independent of our feelings.  If so, we can be happy (state of being) and sad (emotion) at the same time.