Maybe my memory is failing me, but I recall paying about $49 for previous versions of Apple's iLife with the educational discount. iLife '08 came out recently and the list price is $79 while the educational price is $71. Doesn't seem like much of a deal really. The same is true for the iWork package.
It sounds like you can purchase iWork for $49 by downloading the trial version and then buying a serial number. I think I will wait and see if they carry the boxed versions of this software at the campus bookstore when I go back to work in a couple of weeks. In the past they have offered an even better deal than the educational discount.
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