…In a nutshell, here are the major changes in how Office is licensed:

• There is no purchasable physical, removable media – when you buy an Office 365 subscription or one of the single user copies of Office 2013, you will receive a product key code. You will have to use your browser to navigate to office.com/setup and download the actual applications.
• A single user copy of Office 2013 is licensed to a single machine, not to a single user. Officially: The software license is permanently assigned to the device on which the software is initially activated. That device is the “licensed device.” In the event of an under warranty failure, you can ask Microsoft to transfer the license.

For more details, go to www.techrepublic.com/blog/window-on-windows/office-2013-licensing-changes-increase-it-angst/7301