I like to think of the 'challenge' as more of a good way of getting high major competition for all (OK most) teams in both conferences as it strengthens both the individual teams schedules and the overall schedule of the conference (if that makes sense, in more basic terms im trying to say that wins in conference play look better on a resume if all teams play higher competition). Now Mich St obviously plays enough high major competition, but for teams like us or Iowa, we really would only have a couple (if that) high major games without it, which means for teams like Mich St, if they beat us, and we have only sub 150 RPI wins, it doesnt look nearly as good as if we have a few top 100 RPI wins. Overall its good for the conference as a whole and individual teams, in terms of helping their cases for making the dance, which is the goal anyways.
I'd of course like to see every game be fair in terms of skill level and its always nice when the B1G wins more games, but in the end I hold zero stock in who won more.