Well....here's what I got to hear from he college admin...
Office 2008 will not work out at all cause it does not support VBA anymore...but I did point out that his can be resolved.
So they go on to say that many financial classes involve heavy use of Excel...and these classes serve as learning opportunities for excel (apart from the finance stuff of course!)...so the lingo in these classes is based on windows excel shortcuts...and these shortcuts do not match the ones in Office 2008..
And the fact that sometimes there are problems opening Excel sheets designed in Windows in Office 2008.
So the point is ... being 'different' in college is not going to be worth it...
They also gave me the gibberish about the IT staff being not very conversant with Macs and their hesitation to support Macs...
On my part...I bought Win 7 Professional along with Office 07(Student discount of course!)...
Installed Win 7 on Bootcamp...and all of a sudden I found myself scouting the net for good backup programs (Oops!Backup seems nice FYI)...good anti-virus programs etc;
Also..now I need to sync up my life with Outlook (not a big fan) !! And then I would need to look out for programs which would sync my iCal calendar with Google and my iPhone (BusySync does this very nicely on SL) calendars..too much work me thinks...
And how will I ever be able to replace Curio...the wonder jewel from Zengobi
and not to forget...Ultimately..Win 7 looks like Win XP dressed in a nice frock!!! (apologies to all the Win 7 fans out there!!

)....
The worst part...the Win 7 installation took nearly 20GB!!!!! C'mon!!!! At 160GB, the HDD in my MBP is not exactly generous!!
So I decided to try out Win 7 on Parallels...Allocated 1600MB of RAM to Parallels VM. The entire installation of Win 7 Professional 64 bit along with Office Ultimate, Visio, Project and Sharepoint took only 12.5GB! And it worked pretty well I must say. Games falter on it....but I don't play games anyways!!! So I am going ahead with this approach. Parallels in Coherence mode is pretty non-intrusive.
THe advantage of this approach is that I will be able to backup my stuff normally with TM, continue to live in an integrated environment with Mail, iCal, access all the docs via Spotlight...basically...I can continue using all the stuff in the Mac I like so much!!!
The drawbacks I see in this approach are :
poor battery life : having said that, the battery life of my MBP sux big time anyway....
Sluggish system : Well...I guess I just have to keep in mind to run very few Mac processes when I have Win 7 running.If possible...if the prices drop...I will consider investing in a 4GB stick...(6GB is all that my Mac can support)
Its pretty sad though ... that the business world speaks Microsoft lingo...basically making it inconvenient to Mac users. I personally feel..running Windows on my Mac (bootcamp or VM) defeats the purpose of owning a Mac...damn you microsoft...for such a poor implementation of Office 2008!!
Thank you everyone for your inputs!!!