Competitive games between average teams, yes.
I'm not so sure there's much of a difference between teams 2-22 this year. On any given night, you have no idea who is beating who. Fairfield is at 21, Princeton at 17. Princeton just beat Sycamore (#3) by almost 30.
I would second the argument that there are a lot of good teams this year, but certainly no great ones. There is no Centerville from the last couple of years or Moeller state championship-caliber teams in SWO this year. The lower half the GWOC and GMC still feature very solid teams in Fairfield, Lakota East, Oak Hills, Mason, Wayne, and Northmont. It is going to make for a GREAT tournament, with very likely upsets galore and a throw-it-at-the-dartboard for who makes the regional. How is this a bad thing?
A lot of people should really try to watch basketball in other parts of the state and in other states for comparison. Even without a great team, SWO is probably the 2nd best region behind NEO this year for D1, and that's only because NEO has Iggy and Garfield Heights. The #3 team (by RPI) in NEO, Brecksville Broadview Heights, got blown out by Lakota East, and that remains their only loss. NWO is very weak. Columbus has a couple of good teams at the top and then a big drop-off, but certainly not the depth of good teams that SWO has.
Compared to the rest of the Midwest, the quality of basketball in Ohio is about average. It's behind Indiana and Illinois and probably on par with Michigan and Wisconsin and maybe a little better than Kentucky, Minnesota, and Iowa. The basketball in the Midwest is A LOT better than anywhere in the South or out West. It's hard to compare it to the East coast since pretty much every good player on the East coat winds up at private schools, which, in turn, makes the public schools pretty weak, but those private schools are awesome.