When I first noticed the lack of edu "family" pricing, I came to the same conclusion--$200 is cheap anyway, so they probably figure that's good enough. (Another legit, all-student example, by the way: 5 college students living in a sharehouse; they're all under the same roof, and all students.)
I'm going to have to agree with the crowd that says if you're not *really* living at home (you store/use your computer there, not just use it as a mailing address), it doesn't count. Bummer, but that's the way their statement is worded.
That said, if you're still thinking about buying the multi-pack and installing it on multiple not-so-nearby computers anyway (dormmates, for example, which I don't think would qualify), why wouldn't you just buy one licence and use that?
Since both are technically against Apple's licencing agreements, and at least last I checked Apple doesn't do any sort of copy protection (thank God, Steve, or both), you might as well save yourself the money if you're going to be illigit anyway. That is, they're both (so far as I can see) equally illegal from a technical standpoint, except one costs less.