While many people have posted some great responses, I would also like to add a bit from my own experience. I am currently a sophomore in undergraduate work and own a 12" 1.33 ghz ibook purchased last summer. I went a year without a laptop, working on my dell desktop, and was able to see how all of my new friends fared.
First of all, I cant stress how important portability is on a college campus. A lot of my friends shot for the stars with their laptops and purchased the most powerful, largest screened goliath they could find. All of them regretted this decision, for the simple reason that it was an absolute pain to take anywhere. So from whichever company you purchase from make sure you dont mind walking around, with a book/notebooks with it. Being able to take it to the library, to lab, to the couch, to a friends room, is incredibly useful.
Second of all, make sure that it has solid build quality, but more importantly, good reputation for reliability and stability. The last thing you want is for your primary computer to crap out in the middle of a big project/paper. Furthermore, unless you really have a passion for it, weekly/monthly cleanings is not a good thing for the busy undergrad.
After taking all of these things into consideration, I decided to make the switch and couldn't be happier. While it may be true that you can currently get higher specs for the price on a windows machine, will you be sacrificing portability, reliability, or convenience for it? The current ibook will more than satisfy your needs, and then some (including beginning vid/photo editing for the every once in a while). However, my recommendation is wait a few months, or even several. While it may be excruciating for the graduating senior with enough gift money to burn a hole in iron man's pocket, I would see what intel has in store for the iBook. You may be pleasantly surprised. Plus the education discounts and Student Union deals in the summer puts the icing on the metaphorical cake.