My experience was the same as his^.

I was surprised when the end of install pop up had had the license key already populated in the field. I hit "OK" and was on my way.

This part is speculation but it appears that it is kept on the card and checks it against the Device ID that generated it.

It sounds like I can move all the files to a larger card in the future and reinstall without having to worry where the original code is. In fact, this just prompted me to save a back-up of these files on my desktop's hard drive.