Rand has a great post on link valuation:
http://www.seomoz.org/blog/10-illustrations-on-search-engines-valuation-of-links
There's no magic to .edu links, frankly - the data over the past couple of years doesn't really support that they're inherently better than .com's, etc. It's true that many .edu sites are high-authority sites, of course, but that's just a correlation (it's not that Google prefers .edu or .gov inherently).
Within any site, though, you have to look at the Page Authority, the number of links on that page, the placement of the links, the anchor text, the relevance (to some degree), and a lot of other factors. Let's take a non-edu example - DMOZ. People kill themselves for DMOZ links, but lately I'm seeing DMOZ listings where the entire page isn't indexed because it's so deep. No indexation means ZERO link juice. So, even though it's DMOZ, the link is worthless.