Both Massey and Sagarin have Kentucky and Penn State ranked very close. RPI, which focuses heavily on SOS, has them ranked more significantly apart. The difference is that, despite identical records, UK's SOS is ranked 24 whereas PSU's is ranked 62.
Penn State, to their credit, has no total WTF losses; five teams accounted for their six losses, of whom four made the tourney (though none made it past the second round). However, they have absolutely no signature wins either.
In short, they haven't faced any team the caliber of UConn- not even close. This is to their detriment, and it may be what spurred them (other than the payday) to agree to a two-year home and home with UConn in the future.
UK, meanwhile, has a couple of signature wins (Duke and Tennessee), as well as some WTF losses or just bad losses (Tennessee really kicked their butts the second time they played, MTU is a bad loss, etc). They also played ND close in South Bend. What they don't have is a ton of positive momentum heading into the business end of the tourney, as the first two rounds clearly demonstrated. However, if they do make it to the E8, they know that everything leading up to that point doesn't matter anymore, and if they give UConn their best game, they have a shot at getting to Denver. If UConn is in the E8, they need to be prepared to meet that intensity.