Not a Duke person, but a fan of the school and Mike Krzyzewski. Duke basketball–with its attendant traditions like Krzyzewskiville, the student and the camp-out for tickets, Cameron Indoor, and standing up all game–is just a more intense, well known tradition similar to any number of traditions at top academic schools. The whole thing is good in my opinion, generating a lot of fun for students and vivid memories for alumni. Having someone like Mike Krzyzewski at the helm really helps. It will be interesting to see what happens when he retires in 5 or 10 years.
By the way, living in the mid-South, with many friends connected to both institutions, I think the rivalry with Carolina is as intense as any in the Country, and I have similar numbers of friends from Auburn / Alabama, Clemson / USC, and Michigan / Ohio State.