Recent advances in generative artificial intelligence (AI), spearheaded by models such as GPT-3, DALL-E 2, and ChatGPT, have demonstrated capabilities to produce remarkably human-like text, images, and speech. This has fuelled growing interest in applying these technologies in academic contexts to augment teaching, research, and knowledge creation. However, the integration of emerging technologies into education requires a thoughtful evaluation to ensure responsible and ethical adoption. This essay provides a balanced perspective on both the potential promise and the possible perils of deploying generative AI in academia. It examines key technical factors that require evaluation, discusses risks and limitations, and proposes an informed framework for assessing when and how these technologies could appropriately enhance academic pursuits.