I'd recommend getting the Superdrive model if possible ... 512mb is standard, 160gb hard drive vs 80gb and, of course, 8x double-layer superdrive would probably come in handy at some point during the life of the machine. Gaming won't be great, but it should be better than it was before with the eMac's newly upgraded graphics card.
Best part. If you are a student the Superdrive model only costs $899 instead of $999. A compatible 1gb stick of PC2700 can be had for <$100 (for a total of 1.5gb ... I know Apple says 1gb is the max, but the eMac will actually hold up to 2gb ram no problem)
I think it'd be a good investment for a student. They're built like tanks so its less likely to get hurt than, say, and iMac. And with the recent upgraded graphics card and full sized drives they should have all around better performance than a mini (besides the fact that the monitor, keyboard and mouse are included).