To me, it doesn't. It only adjusts my perceptions and expectations for NU. Did you think NU had a good chance to make the playoffs? Were we properly ranked at #13? We have a freshman QB getting his first college experience, a receiver corps that struggles to gain separation and hang on to the ball, and an improving but not yet solid OL.
I think it shows we're not as deep and talented as Michigan and we have to bring our A+ game to beat them, but who didn't know that? It also tells me a lot about Harbaugh and his staff, that they are doing an excellent job turning around this talented team. However, it doesn't tell me "a hell of a lot" more about NU than games like Duke, Stanford, or Minnesota. I wouldn't be surprised at all if NU rebounds, beats Iowa in surprizing fashion like they've done in the past, and continues to challenge for the title in the West.
Blowouts happen, and they are oftentimes misleading in predicting future outcomes (see Texas vs TCU followed by Texas vs Oklahoma). The Stanford win showed me that we can beat top teams if they're off and we are more focused and prepared. Today, UM got a superlative effort out of their team while NU looked tentative and clearly did not look sharp today. Now let's see how well NU responds. They have a tough rivalry game next week against a very good Iowa team. NU typically bounces back well after blowouts and has pulled many of their best upsets off of such embarrassing losses. The next game will tell me more about this team than what I learned from this ambush. Will we play soft and tentative? Or will we rebound like Minnesota and Texas did, play our best game so far, and thump Iowa?
"There is nothing that cleanses the soul like getting the hell kicked out of you."
(Woody Hayes)