I thought this was fixed lately by VMWare Fusion and Parallels. But at least with VMWare Fusion, I am still asked to re-activate when I boot from one version to another one. For example, Microsoft office 2007, I must re-activate back when I boot to bootcamp Windows Vista and also, when I reboot back to Virtual Vista using Fusion Bootcamp. So, in other terms, I need to re-activate the product whenever I change the boot process from one to another; which is really annoy.
Also, even Windows Vista ultimate needs re-activation when I change the boot to direct bootcamp Vista from virtual one telling hardware changes are detected; but booting back to Virtual vista does not need a re-activation. But when you reboot back to direct bootcamp version, again it will ask you to re-activate.
This is really messy…I am using MSDN Enterprise License of Vista Ultimate Edition and Office 2007 Enterprise with VMWare Fusion RC1.