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Here you can see the inbox of Test.Account.1 which has been accessed, along with the emails of that user including Bing news alerts, Twitter messages and school notices - including the one sent just before the search had been carried out.
This is how administrator's can read your emails - in Live@edu, at least. The same applies to Google Apps and other cloud hosted and most in-house products for email communications.
Colour key for viewers: Red border is the administrator's email view. Green border is the student user's email view. Blue border is the administrator's console.
For more background on this screenshot gallery, head over to the iGeneration blog which explains all.