Currently about 5.7bn vs 12m bitcoin. Bear in mind that devcoin was created in 2011 with the intent to shift the decimal for a crypto future where if they took off transacting in decimals might be awkard. So any intital comparison has to take the dvc total/1000 = about 5.7m equivalent (and the same with the bitcoin price/1000, explaining some element of the price differential from the onset). As to whether that 1000 multiplier infers any under/over valuation at today's prices is a personal consideration and depends on your relative outlook for devcoin and other cryptos as well, but there's more info here:

http://www.devtome.com/doku.php?id=devcoin#generation_rate