That is a pretty slick deal. They've always had good deals for the student editions, but I didn't know it was that low.
Office 2007 is very nice. I LOVE the new interface which is far more attractive, intuitive and efficient than the old toolbar-style interface.
If you are a student and you would like Microsoft Office 2007 Ultimate for only $59.95, go to http://www.theultimatesteal.com/