My work has the full version of Solidworks Premium 2009, and I'm thinking of purchasing the Education/Student version for my home computer. I realize the Education/Student version will print a watermark "For Educational Use Only", but what would happen if I created a part/asm on the Education/Student version, saved the file, then opened it up on a Premium Edition at work and printed from the Premium Edition? Would the watermark still be present? Thanks.
Yes, you will get a watermark. SolidWorks does this so you do not do exactly what you propose. Use a low cost version of SolidWorks for commercial work.
You can do a home install of your Premium seat. There are two activations of SolidWorks available for a stand alone license. One for the office and one for home use. Read the SolidWorks EULA for the details on the home activation.