On July 17, a U.S. District Court granted an injunction, putting the Ohio Libertarian Party on the November ballot, for president, Congress, and state legislative races. Libertarian Party of Ohio v Brunner, s.d., 2:08-cv-555.
The basis for the injunction was (1) the U.S. Constitution requires that election laws for federal office be written by state legislatures, and therefore the Secretary of State cannot make up ballot access rules; (2) even if the Secretary of State did have authority to write ballot access rules, it is still unconstitutional to force a party to submit a hefty petition almost a full year before the general election. See the decision at this link, courtesy of ElectionLawBlog.
It is not known if the Secretary of State will appeal to the 6th circuit.