I bought a Windows 7 Professional 32 Bit edition through the student discount for about $30 got the $200 hundred dollar edition professional. The download was fully official through Microsoft and Iriver in an ISO format. I bought it on Jan 1st 2010.
The deal is not really explained for how long it will be going. It started in November if I remember correctly. So if you are a student going for at least one class I think in a coming semester, with a valid student email, an .edu account. You can buy online for $30 either 32 bit or 64 bit Windows 7. There are two forms ISO and some other file type I have never used before. So burn the ISO and it works fully, mine did. I am a student and this deal rocks.
If you get the ISO download and burn it, you don't need the back up disc they sell for $15 more. I really paid $45, the back up disc is in the mail, but I'm running Windows 7 now from my burned ISO version install disc. They don't show you the download page until you pay, that's why I bought the back up disc, get it for $30 just burn two copies of the ISO for yourself.
Do not do the other download, the non-ISO one. It is meant for an in-place install, and problems are linked with the in-place installs.