Yep, that's pretty much it. And when the next version arrives you can upgrade an educational version to a full version by purchasing an upgrade license at retail cost.
Just keep in mind this is true for the suite as well so if you feel you may have a need for them, buy them. However, when upgrading you can go from individual->individual or individual->suite, or suite->suite, but not suite->individual. And Adobe's policy for upgrades requires you upgrade once every 3 versions (ie: CS5 is the last chance for CS2 users to upgrade before they have to purchase a full license again).