Yeah, it's basically an OEM (single-device, non-transferable) license with remotely managed product keys.
Most legal Windows users only have OEM licenses anyway, so there won't be any difference for them. It sucks if you already own a full license.
But if you need to move to a different computer sometime in the next year or so, I guess you could first install Windows 7/8/8.1 using your full license, activate it, and then take advantage of the free upgrade to 10. That's basically what I did with my "student discount" license when Windows 7 came out. I had a full license of Vista, so I first moved it to a different computer and then upgraded it to 7.
