Well, I dislike it because Meyer is a proven coach at the highest levels of college football. If you had to name the top college coaches it's him, Saban, Les Miles and that's about it on that level. So it does make OSU better - though I do agree that Tressel already had them at about as high of a level as they could be. But even if Tressel did, we could've hoped that they'd have hired a dud to make it easier to beat them. Though now that they're in the other division, it doesn't matter as much for us. And on that note, if it means they're more likely to beat Wisconsin, well, at least that's good.
One note on how it affects other teams. I heard this 3rd hand (my brother-in-law is good friends with a few Wisconsin assistants), so now you've got it 4th-hand, but he said that OSU would steer a lot of guys that they liked but didn't have room for to MichSt because 1. Tressel & Dantonio had a good relationship and 2. so they wouldn't go to Michigan. So presumably now with Meyer there this may happen less, and hurt Mich State slightly.