What's the fine print around the Student Discount of Creative Suite CS6 Design Standard?
The student discount for Adobe products is quite substantial (usually around 80% off). It IS valid and the software is exactly the same. There are no missing features. It's a GREAT deal for students but you have to prove you're a student. I think the main licensing difference is that you're not supposed to use the student version for commercial purposes, meaning you're not supposed to use it to create a picture, video, etc. that you sell or produce to make money.
One of the reasons they do this is in hopes that you'll like their software and become familiar with it and you'll buy the upgrades at regular price in the future (which is still a good deal).