Don't think any highschool students are eligable, except homeschooled students.
Anyways, I've only used iWork for about 5 minutes, so I can't post a fully formed opinion, but here's what I have to say about it...
If you have Office already, then it's probably a waste of money. If you don't have Office, and are using AppleWorks, then I would say it's an improvement. In the few minutes I played with it I liked the way the workflow was layed out, and it seemed like a pretty decent word processor and a pretty decent layout program. Doesn't look like it excels at either. Keynote is great if you need a presentation program. I'd say at leasy equal to Powerpoint, if not better.
If the regular price was $50 rather than $80 it'd be a great addition to Office, but at $80 it's tough to justify it if you already have Office. If you don't have Office then go ahead and get it. It's pretty good now, and can only get better with future updates.
Rob
PS Templates are lame no matter what program they came from. People who are savvy can spot something based on a Word template a mile away and are generally unimpressed. Pages templates are new, but will soon fall into that trap. Better to spend the time to create your own template for you newsletter and then use that for future editions.