Buying a laptop

I'm currently on the lookout for a laptop to serve my needs at my B-School. Oh, haven't I written about this? The B-School part I mean... I got into XLRI, Jamshedpur. That's that. Moving on, so here I am, researching online for laptops. I start with a base configuration of about 2 Gigs of RAM, and a decent processor, say of 2 GHz, and a 160 GB HDD, and that's it. However, after a few sessions of browsing the Dell website(which is EXCELLENT, by the way) I hiked up my requirements to a 320GB HDD, a colored body, a backlit keyboard, 3 GB of RAM, and a 2.4 GHz processor, not to forget a 512MB Graphics card.
So the question here is: do I really need all this stuff? And the answer would be a healthy mix of both: yes, and no. yes, because I wouldn't want my laptop to seem inadequate if I decided to play some new game on it, or run a heavy application. And no, because I'd only just be "keeping up with the Joneses".

p.s. I've narrowed down to the Studio 15 Laptop with the following configuration:

Product

Quantity

Dell Studio 15 Laptop (S540506IN8) Base System, Genuine Windows Vista(R) Home Premium SP1 64 bit (English)		1

Base System	Base System	[210-27712]
Processor Options	Intel® Core™ 2 Duo Processor P8600 (2.40GHz/ 1066 FSB/ 3MB Cache)	[213-10508]
Memory	3GB (1X1GB + 1X2GB) DDR2 SDRAM	[370-14408]
Keyboard	Dell(TM) Keyboard with Touchpad (English)	[340-16225] [583-12502]
Video Card	512MB ATI Mobility Radeon HD 4570	[450-12551] [490-10980]
Hard Drive	320GB SATA Hard Drive	[400-16220]
Operating System	Genuine Windows Vista(R) Home Premium SP1 64 bit (English)	[616-10117] [616-10177] [619-14799] [619-15380] [620-11129] [640-11156] [640-11162]
Optical Drive	Slot Load 8X DVD+/-RW Drive with DVD+R double layer write capability	[429-13408] [430-10224] [640-11003]
Audio Solution	Integrated Stereo Sound with Subwoofer	[219-10069]
Software	Microsoft(R) Works 9.0 (English)	[630-12305]
Warranty & Service	1 Yr Ltd Hardware Warranty, InHome Service after Remote Diagnosis	[205-11377] [205-11469] [205-11470] [205-11516] [205-11517]
Palmrest Option	Silver Palmrest	[214-10081]
Wireless Network Card	Intel(R) WiFi Link 5100 (802.11a/g/n) Half Mini-card	[555-11886]
Bluetooth Module	Dell(TM) Wireless 370 Bluetooth Module	[555-11729]
Dell Service: Remark	Dell's Terms and Conditions apply Laptop Batteries Carry One Year Warranty Only From Invoice Date	[205-11378] [205-11424]
Batteries	6-cell Lithium Ion Primary Battery	[451-10783]
Carrying Cases	No Case	[460-10921]
Item Included in the System	Integrated Fast Ethernet 10/100/1000 34mm ExpressCard Slot, (DOES NOT SUPPORT PC CARDS) ICC Regulatory Label Shipment Mod India Country Info Mod System Driver DVD Kit System Driver Mod Dell(TM) PC-Restore Included Dell(TM) Chat Discount is only valid if the corresponding upgraded item is selected above. Limited time promotional offer only. No further discounts apply. Windows Live Software Noise Isolation Ear Buds Power Cord	[219-10125] [219-10065] [340-16223] [340-16224] [799-11576] [613-10695] [613-10618] [640-11181] [640-11179] [219-10075] [219-10076] [630-12219] [624-10050] [450-12557]
Security Software	McAfee(R) Security Center(TM) 30 days trial	[650-12030]
Color Options	Jet Black Colour with Black U-Trim	[320-10394]
Label Options	Intel(R) Centrino(R) 2 Label	[340-16714]
Display	15.6” 720p WLED (1366x768) Display with TrueLife™ and Built-in 2.0MP Web Cam	[230-10741] [319-10079] [640-11007] [640-11008] [640-11009] [640-11374]
Freight Charges	Studio-NB Handling & Insurance Charges /Express Premium	[990-15161] [990-15162] [990-15621]
Delivery Charges	Inspiron(TM) Delivery Charges (India)	[990-10898]

Sub Total(s):

Rs.50,649.16