I am a part time college student. I took a 10 year hiatus after my sophomore year, and I am back now finishing up. I purchased the M200 in November of last year, and I love it. I use it for nearly everything. It has replaced my home desktop computer. I am a software developer, and while the M200 is quite powerful, I still use my desktop at work, but I always have the M200 open next to my desktop.
I suggest GoBinder from Agilix as a note taking program http://www.gobinder.com. It handles ink much better than OneNote (I have not used the OneNote SP1 Preview, and I have heard that it improves ink handling, but it still uses the ink blocks).
Several people here have recommended TabletPlanner from Franklin Covey, but I do not use it. I use Outlook. Perhaps if the next version of GoBinder improves integration with tabletplanner I will switch over.