I've been using a laptop for the 1 and 1/2 year I was in school.  I use it to take notes, do my assignments, and surf the net during class hours(on days when class lecture or course really gets boring!!! 

 ).  Its really wonderful that I don't have to use the much limited desktops that the school provided us with.  I've a Dell Inspiron 8100 btw.  School has 802.11b as well, so I can get hooked onto the 'net anywhere anytime, don't have to worry about no computers around or all used up.  
A P3-1.2Ghz w/512mb ram, DVD/CDRW, 15" SXGA display, and a Radeon7500 mobility will suit your needs/wants just fine.  Dell has a 30-day money back guarantee (less shipping cost) so why not give it a try and if it doesn't work out for you just send it back?  Or like some say here get a used cheapie laptop and not worry much about it getting stolen?  I highly value the ability to do my work and bring it with me anywhere I go.  I'm not always confined to one space.  I have a desktop as well.  Like others, I find myself now using the laptop 99% of the time, the desktop is just eating dust right now really...
My 2 cents 

Plucky