I'm planning to buy the standard model: 2.2GHz Intel Core 2 Duo processor and 120GB hard drive. Along with the machine, I will get Microsoft Office and Photoshop Elements.
I'm going to buy the software this week, safely before my student status is no longer valid. I will order the hardware as soon as I receive confirmation on my membership to the Phi Kappa Phi honor society (I can't log in for their discounts on Apple products until I get my membership number...)
I am excited!