For the baseline macbook, it's probably a better deal...however just to warn others as well, please calculate your tax (I'm glad you did lol).
I'm Canadian (and for my province, I'm counting a total of 15% tax), buying the blackbook with a student discount and a touch vs. buying a refurb blackbook (which is 100$ cheaper to start compared to a student discounted blackbook)...you can see my little calculation, but seriously...do your own, the tax that a $300 purchase adds makes the deal slightly less great.
Blackbook w/ Touch
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1449
319
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TAX: $265.2
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Sub Total: 2033.2
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Rebate: -319
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Final without selling touch: $1714 At this point, I am paying $163 more than a refurb, which translates to an iPod Touch purchase of 163.
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Possible Sale?: ~250?
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Final: $1464
Blackbook Refurb
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1349
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Tax: 202.35
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Total: $1551.35
Either way, I'd still obviously suggest getting the deal, especially if you want an ipod touch, since getting it for a technical ~$150 is better than 300.
NOTE: I'm comparing against a REFURB because I don't see anyone buying with a student discount and not getting the deal.