Why didn't they have deals like this when I was in college? Every college student is inevitably going to be using Microsoft Office products at some point in their college career. During my year at Georgia Tech while studying to be an engineer, it was Excel. When I was a philosophy major at Steubenville, I spent a lot of time taking notes and writing papers in Word. I forked over the $150 for the academic license of the Student Edition package, which I think included only Word, Excel, Powerpoint, and Outlook. Not a bad deal, but now Microsoft is offering a promotion to higher education students to get Office 2007 Ultimate Edition for only $59.95! They're calling their promotion "The Ultimate Steal," and considering that you get not only the four products mentioned above, but also Access, Publisher, OneNote, Groove, and InfoPath, the name is certainly appropriate.
And just in case you didn't already know this, Office 2007 integrates very tightly with SharePoint. After you and your friends get your copies of Office 2007 Ultimate Edition, find a place where you can host a SharePoint site for all of your academic collaboration needs. I'll even try to give you some pointers should you have any ;-).
Here are some great links regarding "The Ultimate Steal"
Much thanks to the UK Academic Team Blog, which is where I heard about this promotion.