Last night, an actor I like noted, in a critical tone, that a weakness of many actors is to "exploit the subtext," by which he seems to mean they make overly explicit the underlining 'meaning' of a text--e.g., the underlining psychological blah blah blah beneath the action--as opposed to trusting the text itself to do the work. He doesn't exactly mean "over acting," though that might be a species of exploitation. He also doesn't seem to mean "playing the (super) objective," which puts a generalized wash over a scene, and reduces the surface action to blocking. He does mean something that comes off as being 'presentational.'
I like the concept of "exploiting the subtext." It seems like a useful analytical tool (though it could also become an excuse for not doing your homework.) One practical translation of this, for me, is as a reminder to 'not try to hard' and always come back to my moment-to-moment life as it is unfolding between my scene partners and I.