To attempt a semi-serious answer, yes there is considerable use for a student. It's not always "convenient" to whip out the lappy for some quick notes, to set appointments, class times, reminders, assignments, etc. The list is endless. You can synchronize the Axim (most any PDA) to your laptop so that you will be able to view and update your documents, etc on the quick. Yes, there are a great many uses for the PDA, even with a lappy. You would also find yourself taking it to more and more places that you used to take your lappy to.

Actually, I'd go for the (cheaper) 300MHz model. It can be had at times for right around $200-225 and will do most anything the more expensive version will. I bought one of these for the wife and she listens to MP3's, downloads and views her pictures on it, composes documents, runs rudimentary spreadsheets; the list goes on. She never leaves it home. Another good investment with one is the folding keyboard. The wife can type like crazy with hers! Think of it as a laptop that takes up a fraction of the space. Just shove it in your pocket/jacket and you're good to go. BTW, HP makes a pretty good one for similar price; the 1910 I think is the model #. But it doesn't do SDIO.
Oh yeah, I'm not saying it is a "portable porn machine" but there is always the option of adding a wireless CF card to it and sharing some bandwidth.