Well, $650 for a year it's nothing, as a designer you can make that much per day. But the point is not the price but the adoption and clarity of the offer. You want to make the user feel safe with the purchase, especially for student that will be professionals later and you want to steal away from under Adobe's nose. I'd prefer paying double and getting the whole package the paying half and realizing later that it doesn't cover an OS. Also, mark my words this won't last, in few years they will come up with a "pay for this semester new features", like Allegorithmic. So even if you have a "lifetime" subscription you would be missing the new features that there are already in development... Trust me I come from the future
Only Pixologic kept updating Zbrush for free from the beginning, and god I love them for that!