It's a pretty big deal here in Michigan. Michigan has an elitist attitude toward the Buckeyes and thinks that Ohio is a trash heap, while the Buckeyes view Michigan as a a bunch of pompous morons who have a fanbase that consists largely of arrogant people who have no shot of ever even getting in to the school. It's a great rivalry with a lot of history of hate. There's a lot of hostility involved, and cross-state pride is a great element of the game.
However, having lived here for a few years, it's a step below SEC Rivalries. I've been fortunate enough to live in several areas, and these games I'd say have more hate in them:
1. Texas-Oklahoma
2. Alabama-Auburn
3. Alabama-Tennessee
4. Mississippi State-Ole Miss (laugh at their "suckiness" if you will, but they REALLY hate each other)
5. Texas-TexasA&M (shame this one is ending)
Just my two cents. Also, on a weekly basis, the SEC is ten times more into everything football related. It's an awesome game that I'm glad to have experienced here in Michigan. However, I'd say the main reason it's so storied is because of its historical aspect; the SEC teams are more insane in an evil way.