I agree with Scott, and disagree with Matt. (Blogged about it here: http://www.zathras.de/angelweb/blog-more-wwdc2006-student-experiences.htm) It wasn't that bad. Pretty much everyone at the conference already had a laptop bag anyway, so all it did was make more people walk around with two bags the first day... it's a decent freebie, and I personally considered it unnecessary spending, but I keep it as a souvenir.

The Pizza they served at the Student Reception at least was pretty nice, and the "dried pastry" was only dried if you didn't pick it up when everybody else did.