The AP and Coaches polls' were released this afternoon, and it's good news for the Spartans. Michigan State is 9th in the AP Poll and 10th in the Coaches poll; both these rankings are tops among Big Ten teams. The one difference in the rankings is Oklahoma. They're above MSU in the Coaches' poll, but not in the AP poll, where the Sooners are 11th. In the Harris Poll (good for 1/3 of the BCS standings) Michigan State is 11th, with Kansas State 10th.
The only ranking that does matter is the BCS standings, and in that Mcihigan State is 11th. That's the best among Big Ten teams (Penn State is 19th, Michigan 18th, . MSU still needs a lot of losses among the top teams to have any hope (if it exists) of making the BCS Championship game, but it's nice to be in the top 14 for an at-large bid.