I'd be happy if Dev is right about this, but it conflicts with what I have heard... MS may re-issue licences, but the old licence is still on the server (you cannot delete), and your software audits, if you read MS fine print on those annoying EULAs states you have to show purchase proof for every licence. I re-checked with my friend on this. But I certainly think it would be much nicer the way Dev says, and I buy into that idea... I just don't think that's all she wrote. Best to contact MS and make sure (don't rely on your reseller who may not have read the EULA, and may be going by hearsay and common sense, which is NOT ,ms li- sense).
Of course, I just re-read Dev's reply about re-issuing the licence SERVER (as opposed to re-issuing just the licence which I was assuming above), and patching... I imagine this would be very hairy for an organisation or service provider with several thousand access licences... but it does sound like MS have started trying to fix the problem I mentioned above.
Will
PS - How do you spell license, anyway???