Google's announcement that they are going to offer a presentation application along the lines of Power Point is of particular interest to schools. The reason I believe this to be the case is because students usually don't require the advanced features of a Microsoft Office. They also don't require Outlook or Access. The applications they need are presentation, word processing, and spreadsheets. They also need a graphic editing and/or paint program. But that's not really in Office, so the comparison is not relevant.
This means that you can have your students use Google Docs for all their school work. Because of the free storage and collaboration features, your work will be reduced significantly. I'll make another posting after I get to play with new application.
And, BTW, Google Spreadsheets now has charts. Students love to create charts.