The Raspberry Pi is designed for computer science education, but it's designed primarily for Children, not University Students. If you're at the point of running 'Advanced Operating Systems' courses then you can find whatever you need, but 12 year olds aren't likely to be doing that.
What they folks at Rasberry Pi are trying to do is encourage people who've never coded before to start writing programs. If they can write simple userspace linux programs (I'm talking text adventures and the like) that's what's important. The device isn't intended to replace ultra-hackable low level devices, it's just a cheap PC that children can tinker with without their parents yelling at them if they break the family PC.
The Rasberry Pi is anything but dead.