Can someone please explain MapPoint academic license? I see these versions selling on-line for much less than other the standard license, can I develop applications with the academic license version?

The academic license is a license for students. Don't know if you can develop programs with it (probably you can), but if you are not a student than it is a illigal licence for you.
And, furthermore: the academic license, once aquired, is very cheap, the seller probably event didn't pay for it!