KU's basketball program blows them out of the water, and the football program is about the same.
If by "about the same," you mean "not at all," then yes, they're about the same.
What's the difference?

See PowercatPat's response. Not trying to bash on KU here, but it's hard to say they're the same. Here's OSU's record against the North in the last 5 years:
2009: 3-0
2008: 3-0
2007: 2-1
2006: 2-1
2005: 0-3
KU's record against the south:
2009: 0-3
2008: 0-3
2007: 3-0
2006: 0-3
2005: 0-3
Combined that's 10-5 for OSU against the north and 3-12 for KU against the South. Add that with T. Boone's money, OSU's recruiting pipeline in Texas, and increasingly sustained success since 2006, and I don't think you can really put the programs on par right now.