This is one of the best laptop deals that I have seen anywhere....
Even though it's ugly as sin (I would definately choose the "standard grey without graphic" over any of the lame graphics that they put on it)!
You also might check and see what kind of discount (if any) you can get on the OS through the college that you are attending. Sometimes you can get stuff for stupidly cheap through the University's computer store (I've heard rumors about $5 versions of XP at some schools.... like Indiana University?). Anyway, if you can get a substantial discount on the OS, then with CyberpowerPC, you could choose the "format drive only" option, save $83, and put the operating system on yourself. I don't think that is an option with big companies (Dell, HP, etc.).
That's probably what I will do at least. I configured one the other day with...
C2D 2.0 gHz (T7200)
100 GB (7200 RPM HD)
1 GB RAM (DDR2-667)
for about $1250.... that's not too bad.