It's been posted in the past, but the offer ran out and has now been re-activated this weekend (it wasn't active on Friday when I checked!). Apparently it comes and goes every academic year so some of you might have heard about it in the past, but it might be new to others, especially new students.
For some reason, the deal link is redirecting to the storefront, instead of the actual page for the deal, which is here: http://www.microsoft.com/student/discounts/theultimatesteal-uk/default.aspx
(I've edited twice, but it still redirects wrong?)
This gives students Microsoft Office 2007 Ultimate (full retail) version for £38.95 via download (you can buy physical media too, at extra cost).
Office Ultimate has the following programs included:
Who qualifies for the program?
1. Individual must possess a valid e-mail address at a UK educational institution which contains the domain suffix 'ac.uk', 'ac.im', 'ac.gg', 'ac.je' or open.ac.uk.
If the domain suffix is open.ac.uk then staff/students do not need to meet the minimum contact and/or working/teaching time requirements outlined in point 2 below.
2. If you are a student, you must be enrolled in an education institution geographically located in the United Kingdom, Jersey, Guernsey or the Isle of Man. If a Higher Education student, you must be enrolled in an undergraduate or postgraduate level course. If a Further Education student, you must have at least 15 hours of scheduled contact time for your course.
If you are a member of staff, you must be employed (at least 8 hours or 4 teaching hours/week) at an education institution geographically located in the United Kingdom, Jersey, Guernsey or the Isle of Man.
Eligible customers are allowed to purchase one of each product available from the online store.
Note: There's a seperate deal posted for NHS staff who can get the 'Enterprise' version of MS Office for c.£9.00: http://www.hotukdeals.com/deal/447444/microsoft-office-enterprise-2007-nh/