all the same software--word, excel, powerpoint, entourage. the difference is that the student/teacher edition costs less (149), is not eligible for future upgrades, and allows you to install on three (3) computers. whereas the standard edition costs like $399, is eligible for upgrades and allows you to install on only one (1) computer.
plus you're supposed to be a student or teacher to buy the student/teacher version. they really don't track it though. you can buy the edu version from any number of online retailers where they'll never make you show student id or anything.