Hi Barman -- true but if you actually USE your VM for work then the rearm every so often is a pain in the rectum.
I use an XP VM for a Canon 1240 scanner, an old HP Blueprint plotter, some Minidisc recording software, Outlook Express email client and some other Pre Press type of applicatons.
I don't think I'd want to go through the rearm / re-install again --especially for some of the legacy hardware I don't have the
drivers any more -- and can't get them as the devices are no longer made.
For some people your solution is fine.
The real problem with licensing I suspect is that Windows doesn't know whether it's running on a real or Virtual Machine.
I hope the NEXT version of Windows will allow you to run as many Virtual machines as you like so long as it's on the SAME computer you licensed Windows for.
This will need a change to the Intel / AMD instruction set as well as to most PC's.
The old IBM mainfames came equipped with an instruction STCPUID which stored the CPU ID in a protected area in ROM. When the OS was loaded (Old MVS/370 etc) the OS would check the CPUID that it was licensed for and if OK would continue the boot (or IPL - Initial Program Load as it was known in those days).
Something like that would do and also prevent "Infinite cloning" of Virtual Machines too.
Cheers
jimbo