What is the most likely significance of the tagline “The Greatest Snow on Earth”?
It is a play on the words “The Greatest Show on Earth,” suggesting that the snowfall is so spectacular it is like a performance.
It is a reference to a scientific fact that Utah has far superior snow to any other state.
It is a simple statement meant only to convey that Utah thinks it has better snow than anyone else.
It is in the ad so that viewers will understand and appreciate snowflakes.

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The likely significance of the tagline “The Greatest Snow on Earth” would be that "It is a play on the words “The Greatest Show on Earth,” suggesting that the snowfall is so spectacular it is like a performance," since this is a very well-known and recognizable phrase. 

Answer: It is a play on the words “The Greatest Show on Earth,” suggesting that the snowfall is so spectacular it is like a performance.

It is likely that this phrase is intended as a reference to the phrase "the greatest show on Earth." The effect of comparing the snow to a show is to imply that the snowfall is as spectacular as a good performance, or that it should be appreciated in the same way.