I am from Pittsburgh and it's a huge party at Gobbler's Knob, Pennsylvania. Shut down the town kind of party. An absolute sea of people. It's been like that long before the movie, but then there's not much to do in February.
This years Punxsutawney Phil predicted an early spring but do note that marmots are not exactly qualified to make to make meterological forecasts. It's a mostly cute tradition with a hint of madness, kinda like sticking a tree in your living room and hanging up socks to celebrate the birth of Jesus at Christmas. Makes total sense when you're drinking.
For the record, Groundhogs (or woodchucks) are pretty docile and cute. They are also excellent climbers. This little fellow was quite curious about me, and why I was hiding in his field (taking pictures of birds).