Nick, unfortunately you are right. At some point they had changed their policy. It used to be that US licenses were restricted as well. But if you can find their FAQ, it now says... "Can a Student Edition also be used for commercial purposes?
In North America, Student Edition software can be used for commercial purposes. Outside North America, Student Edition software is for noncommercial purposes only."
The FAQ can be found here:
http://www.adobe.com/education/students/studentedition/faq.html
Previously there was no upgrade path from an education purchase to a commercial newer version (keep in mind the software packages were identical, minus the manuals). The licenses are not transferable.
Not sure why they have a different policy for those outside the US...
michael