These reputations are based on a little fact, and are substantially unfair. Edison was an astute businessman who took advantage of opportunities (but hardly cynical). Edison was famous for a wide range of inventions - while many others contributed to the more-than-1000 patents of Edison, he was a prolific and successful inventor in his own right. Tesla, on the other hand, was much less successful in business, and was short of money in much of his life. Both were geniuses, both were prolific inventors, both were appreciated, both actively sought business opportunities (as seen by their investments in patenting their inventions - Tesla had over 100 US patents, and perhaps about 300 worldwide). Edison was much more successful in business, but that doesn't make him a cynical opportunist, nor does it make Tesla unappreciated.

One example of "unfair" regarding Edison is the electrocution of Topsy the elephant, often portrayed as Edison electrocuting an elephant to scare the public, to convince them that Tesla's AC was too dangerous. However, the AC/DC war (the "War of the Currents") ended in 1892 when Edison Electric became General Electric in a merger and went AC, and Topsy was electrocuted in 1903. (The electrocution of humans, and accidental death through electric shock, did feature in the War of the Currents.)

Tesla was also the recipient of many awards (including the Edison Award in 1916). He was featured on the cover of Time magazine in 1931. Westinghouse purchased his key AC patent for $216,000 (approximately $5 million in current dollars), after already having paid him large amounts in consulting fees and royalties. He was nominated for the Nobel Prize. His achievements were recognised. Certainly not unappreciated. Possibly under-appreciated (e.g., "He should have won the Nobel Prize, but didn't"), but given that there is no magic formula for just how much appreciation somebody should get for their achievements, this is a matter of opinion that can be argued either way. Inventions of electricity generation and distribution methods do tend to bring less appreciation than invention of things like the phonograph (Edison), light bulb (Edison (and others)) and telephone, radio, cars, etc. that are more visible in people's homes and lives.

His promises of wireless transmission of unlimited free energy, death rays, earthquake generators, thought recorders and many more remarkable inventions-to-come gave him a reputation as something of a "mad scientist". There is a small but active Teslaphile subculture that promotes Tesla as under-recognised, suppressed, cheated out of fame and fortune. Claims include suppression of his (obviously working) free energy systems and death rays. Edison is often cast as one of the villains.

Was Tesla's alternating current superior and workable, and, if so, why didn't it become standard?

It did. It's still our standard. (DC is making a comeback for high-voltage long-distance power transmission, but it's still an overwhelmingly AC world as far as power transmission networks go.)