They're in the news mostly because of their coach. But they're getting some 'hype' as it were, because they're a pretty well rounded team. They're not amazing, but they likely have the ability to make a run for the Big Ten title. They have a strong running game, and a pretty decent passing attack. Their defense isn't amazing, but they do have the ability potentially, to stick with the likes of Wisconsin and Iowa (they did, more or less, hold down our offense last year).
There are three teams in the Big Ten that have very similar styles/teams. Wisconsin, Michigan State and Iowa. They do, more often than not, play competitive games.
Iowa v Michigan State
2007: Iowa 34-27 (overtime)
2008: MSU 16-13 (Iowa stopped on 4th down, likely in FG range)
2009: Iowa 15-13 (come on...you guys know how this game ended)
Iowa v Wisconsin
I'm not going to list every year, but since 2000, Iowa is 6-4 against the Badgers. 5 of 10 games have been decided by 6 points or less. 2 have been decided by 10 points (strangely, both were 20-10 Iowa wins). Iowa has all three 'blowout' wins of 17, 23 and 22 points.
Michigan State v Wisconsin
2007: Wisconsin 37-34 (back and forth game, with several lead changes)
2008: MSU 25-24 (MSU staged a 12 point comeback with less than 8 minutes to go. Swenson kicked a 44yd field goal for the Spartans with 7 seconds left to win it.)
2009: Wisconsin 38-30 (Ok, so this game wasn't as close as the score seems (MSU scored their final TD with 15 seconds to go. It was a 91yd pass play. But still.)