Howdy,
I just found out that I can pick up a PowerTap or PowerTap Pro for either $330 or $450 respectively through my job. That's still a whole lotta money for me (poor college student that I am), and at the moment I'm only a cat 4, but do you think its overkill or worthwhile?

If you're prepared to change your training program over to really use it, then it's a very valuable tool for a regimented program.

On the other hand, you really have to change your training, not just use it as a cool toy.

You're probably better off spending the money with a coach than on the Powertap(given your level, for now). A good coach would have benefitted me a lot more when I was a Cat4 then a power tap would've.