As an academic institution, ISU has many excellent programs. I have many colleagues who have gone on to be faculty in their math, physics, and engineering programs. They definitely have quality people there. Furthermore, they are very solid in ag-sciences. Lastly, they have a top notch vet school.
Now, I wouldn't claim that they have excellent balance in their academic programs. Nor would I claim that they share the same broad excellence that Iowa has ... Iowa having a great college of liberal arts, surprisingly good media/journalism program, an excellent med school, a very good law school, a pretty good business school, a pretty good dental program, and, of course, they have the world-famous writer's work-shop.
If you don't like the Cyclone sports ... bag on the sports ... as a school, it is a fine academic institution. Where ISU fans get carried away is they seem to weigh the import of tech programs above others ... and therein is their mistake.