They're fully and completely dual-meet rankings. The good news is that most people don't take them too seriously...but like Favre said, they make things fun to argue about.
I think that, unrested, it would be a very good meet. In fact, it's one I'd like to see, as the two team's lineups match up very well. Louisville has some very good breaststrokers (Almeida for one is an NCAA scorer) and are deep in the distance events. As we've discussed on here before, what always hurts the A&M men in a dual meet is what helps them at NCAA's. We do VERY well in relays, and sort of put all of our eggs in one basket there for March where relays are a huge part of the scoring. In duals, not many points can be made up in relays, so individuals are a lot more important.
Louisville got a lot of times at Purdue, but they swam a lot of even faster times at SC Nationals last week that don't end up in the collegeswimming database for some reason. I'm sure they were rested some for both meets, but I think they're not a bad team in dual meet rankings.
Can't expect things to get much better when the next poll comes out January 17th...no meets before then...but LSU will be factored in before the February one.