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I've seen several sites point to Microsoft's new Software License Terms page, which contains PDF versions of the license agreements for many Microsoft products. Most sites that have commented on the new Windows Vista licenses have picked up on this blurb from the Windows Vista Team Blog:
Two notable changes between Windows Vista license terms and those for Windows XP are: 1) failure of a validation check results in the loss of access to specific features (this is the SPP news you’ve likely been reading about this past week); and 2) an increase in our warranty period from 90 days to 1 year, which brings Windows in line with most other Microsoft products.I read through the license agreement for Windows Vista Home Basic, Home Premium, and Ultimate (PDF) and saw lots of new language. Much of it just formalizes what Microsoft has been doing under separate agreements for some time, such as the Validation requirements introduced with Windows Genuine Activation.