I'm a student at MUO, so here's my two cents:
It depends on what you really want I think. OSU is a larger school with a larger reputation. MUO is a smaller school with a smaller reputation. That does not mean you'll get a superior education at OSU at all, and it doesn't mean you have a better chance of matching into a top residency. I have had interaction with people from OSU and they seem very happy about their choice. Same thing for MUO, and there are people who turned down OSU to go to MUO. I think the biggest noticeable difference is the cities that the two schools are in. While Toledo is significantly smaller than Columbus (about half the size) it's hardly a small town. There is definitely more to do in Columbus. However, there is plenty of stuff to do in Toledo, and I know I personally don't have the time to see and do everything in Toledo.
Some things to consider:
-I have heard from multiple sources that MUO covers more information in the first two years than OSU, and most schools for that matter. I guess it leads to more stress, but you *should* also learn more.
-I don't know OSU's pass rate, but MUO probably does have a higher step I pass rate than OSU. For 2005 MUO was in the top 10 schools in the country with a first time pass rate of 98.5%. While they are correlated, a higher pass rate does not necessarily mean a higher mean score. OSU may (or may not) have a higher mean score than MUO....I just don't know. MUO's average is a 218 I think.
-OSU is in classes until mid-June. MUO's last exam for first years was May 12th this year.
-MUO will be the University of Toledo COM due to the merger between the two institutions. Obviously the name UTCOM will have no repuation in medicine. However, there is tremendous upside, and the value of the name ebbs and flows over time.
-OSU has a very large class. If I remember correctly they had 230 or so first years. Next year may be even larger as they have said they are increasing their class sizes over the next few years. MUO's incoming class will be right at 145.
-OSU has the individualized study route, so if you don't want to go to class and would rather do things your way then OSU is probably the better way to go.
Hope this helps a little.