He is most certainly not. Bashir is the Chief Medical Officer on DS9. That puts him up there with the CO. That's nothing to sneeze at!
Literally speaking, that's exactly what it is: Bashir deals with the Real Heroes sneezing. Yecch.
I don't remember if he's a Lt Jr. grade in Emissary, but he probably was commissioned a full Lt. upon completion of Medical School. At least, that's how it usually works in the... in contemporary applications.
So he got demoted right off the bat? Nope, MDs are cannon fodder in the future, getting no perks beyond those a Doctor in Tri-Isophasic Physics (aka Engineer's Mate) enjoys.
Of course, some of this is Bashir's own choosing: he knows he's Superman, so he deliberately fumbles his final exams so as not to finish first, then requests assignment to the far frontier so that nobody of note will have to interact with him, and then turns the obnoxiousness knob to twelve when circumstances conspire to put him together with an attractive female (see "Crossover", say). Perhaps his hitting on model-standard chicks is part of the strategy, maximizing the chances of failure before things get serious - but it's all in vain...
In many of these instances, O'Brien is there saying "Isn't this wrong?"
And since O'Brien is Everyman, we feel compelled to... think about it.
Timo Saloniemi