The only thing I really know about competitive cycling is that women really seem to dig men in cycling jerseys. But judging from the Enquirer's article on the event, the Cyclocross Festival has become something akin to the tennis Master's tournament that's held in Mason each summer. The event has grown beyond all expectations over the last few years; big names in the sport come out for it; and everyone is surprised that Cincinnati is able to hold such a successful event. Think of it as a sort of two-wheeled Midpoint Music Fest (rumor has it that Cadillac Ranch plans to deny admission to anyone wearing bicycle shorts this weekend).
If you're not up to speed on the ins and outs of cyclocross, check out this Wikipedia article for some more information. This is one of those events that's good to see in the area, as it brings a diversity that major cities need to succeed. Individual races last only from half an hour to an hour, so you can easily stop by one of the venues and check things out without committing to an entire day. Or, you can spend all day at a venue, enjoying the races and perhaps even giving the sport a go during one of the open course sessions.