BUSY ORD CTLR DOES NOT ISSUE INTERCEPT CLRNC TO A320 ON A VECTOR AND CAUSES AN OVERSHOOT AND CONFLICT WITH AN MD80 ON PARALLEL RWY.

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SUBSTANDARD ATC APCH CTLR PERFORMANCE: NICE SEVERE CLR DAY AT ATL; LNDG RWY 8L. VECTORED OFF ARR ON 180 DEGS; THEN 150 DEG LNDG; DSNDING TO CLRED ALT OF 5000 FT. CTLR WAS SWAMPED BY RADIO CHATTER; WITH NO OPPORTUNITY FOR US TO QUERY CTLR'S INTENTIONS. CTLR GAVE US A 150 DEG VECTOR ABOUT 3 MI N OF RWY 8L LOC; BUT NO INTERCEPT CLRNC. WE FLEW ACROSS THE RWY 8L LOC; THEN THE RWY 9R LOC; OVER-FLYING AN MD80 ON THE RWY 9R LOC (WE LEVELED OFF AT 5500 FT TO AVOID TCASII RA). CTLR FINALLY SAW US; CLRED US BACK TO 040 DEG HDG; STILL FORCING US INTO A VISUAL APCH CLRNC. THIS CTLR WAS SO BUSY TALKING; CTLR WAS LOSING TRACK OF THE BIG PICTURE. HAD CTLR CLRED US TO INTERCEPT THE FINAL ON HER FIRST VECTOR; OR ON RECOVERY VECTOR; THIS INCIDENT WOULD NOT HAVE OCCURRED. THE 3 OF US (COMPANY -300 FO OMC) SAW THIS EVENT UNFOLD; AND WERE WELL AWARE OF OTHER TFC; WHILE ASKING OURSELVES JUST WHAT THE CTLR HAD IN MIND FOR US. HOWEVER; THE NON-STOP RADIO CHATTER PREVENTED US FROM SAVING THE SIT. THIS IS AN ATC WORKLOAD ISSUE AS FAR AS CLR ISSUES. OUR SITUATIONAL AWARENESS WAS PRETTY GOOD; BETTER THAN THE CTLR'S.