Select vs. Enterprise

I am looking at the pros and cons of upgrading to an Enterprise Licensing Agreement. I know I can either do a full EA (OS, Backoffice CALs and Office) or partial (EA for Office or Backoffice CAL or OS).
My analysis thus far is in favor of keeping aselect agreement. I was told by the MS rep that I should not look at this from a pure economic standpoint (ie. An EA will never save money over a select!?!), that the benefits are in the soft costs – less licensing administration, full compliance, less transactions cost per po and so on.)
I’d love to hear everybody’s thoughts on this topic. FYI – We have 1800 seats running NT, Office 97 and some CALs. We are looking at upgrading to Office 2000 and Win 2K.
Regards,
Holger