I just bought the autodesk maya unlimited 2009 student superpack (perpetual license), so I would assume it's the same thing except that you can only use it for a year. It's a great deal and there's no watermarks or anything. Everything is the same as commercial, EXCEPT, you cannot use it for any commercial reasons (i.e. no selling stuff).
I can't remember the fine details, but if you need more info, I can send you the license agreement text if you can't find it online. Hope that helps.
Here's the license agreement. (I figured it would be simpler to just attach it in a reply and in case others want to see it)
I think the relevant section is 2.2.5.