I still feel there is no reason to buy Office Student edition as anyone allowed to buy it can purchase http://www.microsoft...teal-us/default.aspx
Not exactly - Office Home and Student can be purchased by anyone, but is only licensed for non-commercial use.
The "Ultimate Steal" offer is only available to university students. However, since you get a license for Office Ultimate, I assume that the use of the software isn't restricted to non-commercial use (not to mention that you get several more Office apps than in the Home & Student Edition).
There's no doubt that the "Ultimate Steal" is a far better offer, but strictly speaking it's not available to everyone.