Really interesting thread. I will add my comments:
Yes, you can get a $500 PC laptop and save the money in the bank. I agree that it's nice not to have any debt and to have surplus income. But I disagree with this philosophy (unless of course you CANNOT afford to buy a more expensive laptop, i.e. no savings, no parents gift to begin with).
You're gonna be in university for quite a while. People these days spend hours on their computers a week. Hours and hours. Well at least I do. You will genuinely enjoy the macbook. It's such a great machine. It's super fast, has a great OS, and looks great. There's no question you'll enjoy it. And face it - you'll be doign a lot of serious work on the computer (which is unfortunate...). If you have a nice computer, it won't make it so painful
Point is, if you get the macbook, yeah, it's expensive, and yeah, you probably could get by (well, not probably, you could definitely get by) with something cheaper, but would you want to? Although needs are more important than wants, wants are very important for your psychological well being. Don't feel bad about spending the extra dough on the macbook. You're going to university and are gonna turn out very educated - and one day, you'll make tons of money and be able to pay yourself/parents back for everything! So for those reasons, I think you should get the macbook.
I can't fully recomment iWork for university students. Here's the lowdown: my bet is that 90% of people at the university will be on office, the other 10% (max) will be using other stuff, i.e. openoffice, neooffice (which you could get for free! it's a lot like office, and doesn't have that many compatibitlity issues), and maybe 1% will be using iWork. iWork is a great product in general, but most of the world uses office. It's not like a Mac vs. PC debate, because really, Macs and PCs share a lot of the same. iWork and office do not - I use both (office on Mac + iWork) and there are big compatibility issues trying to convert one to another. Moreover, Pages isn't that great. Word is just better. Hard to explain - you need to try it - there are many reasons. Keynote, on the otherhand, is superb. Truly superb. Mops the floor with powerpoint. Better effects, easier to use, etc. I find my ppt presentations made on a windows box open fine on keynote usually, but I'm not quite sure if a keynote presentation will open on ppt (correct me, please?) If you plan to give presentations off of your mac (hooking it up to a projector), keynote is the way to go. Otherwise, get Office for mac. I would recommend Office, especially if you can get it cheap.
The macbook is better for you mainly because of its size. I will not argue that the Macbook is faster -it isn't! But it's way smaller, and seems to be more rugged, which is a plus since it'll be going all over the place. It has great battery life, great keyboard, and a really giant touchpad. Really though, it's for the size that I would get it.
Use the edu. discount, and get the free iPod when that promotion starts. Good luck, and have fun hitting the books!