Despite what the pedsters think, it's roughly in the middle of the Big Ten academically. For comparison's sake, it's easier to get into than Ohio State, does less research and has a smaller endowment, but the gaps aren't substantial. I think anyone outside of BWI would say that the schools are essentially peers. It has a great engineering school (somewhat better than Ohio State's, which has seemed to slip over the last decade) but still not at the level of Illinois, Michigan or Purdue. Law and med schools lag the rest of the Big Ten substantially though--probably a historical legacy of its isolated rural location (or perhaps they weren't high priorities of Joesus when he was building up the university). Pitt has the better law school and by a huge margin the better medical school as well as being designated a comprehensive cancer center.
It's a good undergraduate university on paper, but given what we've learned about their cultish alumni, I'd never send a kid there when there are plenty of equally good or better Big Ten universities available.