the only difference normally found between retail and academic software is the licensing agreement. there are quite a bit more restrictions to academic versions. i can't imagine office being any different than the rest when it comes to this..
.. academic or study version normally should not be used to any paid works etc.
just remembered a [public] university here that has practically most of their software illegal! at least MS office, autocad and archicad! I've suffered enough for that place so .. could as well give a hint for the finance. The universities should besides be a good example...
I have the academic version of Office as it is a helluva lot cheaper. The differences are only in the license agreement that appears, saying that you are strictly forbidden to use it for any commercial or non-educational purpose ... there is nothing I hate worse than being told how I am allowed to use something! Have you ever bought a TV and had to agree only to use it for documentaries and educational programs? I thought not...
I must confess I may have used Office to type up a resume. Lets see if M$ lawyers decide to sue me for that ...