According to the information provided by Apple so far, there will be two categories of licencing available at the UofM Bookstore Computers on Campus:

1) machines not purchased with university funds: licencing will be standard form. To run 10.3 you must purchase a new copy or an upgrade at the education/bookstore/upgrade price.

2) machines purchased with university funds including budgets, grants, and PDA funds: a presentation, sponsored by Computers on Campus, will be held in the next few weeks to detail the licencing options for these machines. This plan will probably include a mechanism for upgrade protection. You should be seeing the announcement of this presentation in the next week or so.