I just finished installing Final Cut Studio. It took about 3-4 hours to install everything (including all the bonus content).

Final Cut Studio comes with:
Final Cut Pro 7
Motion 4
Soundtrack Pro 3
Color 1.5
Compressor 3.5
DVD Studio Pro 4

It comes with the Final Cut Pro 7 manual. The manuals for all the other applications are online (the Final Cut Pro 7 manual is online too in case you lose it).

I bought this from amazon for only $850 which I think is a good deal considering Apple sells it for $999 on their website. Even though I used the free super saver shipping, Amazon sent it to me really fast via UPS and it got to me within two days which is really nice.

This is not the Academic Version, this is the Full Version. The Academic Version is non-upgradable!

The discs that are included are:
Final Cut Studio Install DVD
DVD Studio Pro Content
Motion Content 1
Motion Content 2
Audio Content 1
Audio Content 2
Audio Content 3

The product serial number is on the back of the “Installing your software” guide.