VM Fusion/Windows Licensing Question

I think this question is directed at people who uses VM Fusion to run XP or Vista.
Unless illegal copies are used (then I guess this is not the place to talk about it) you will need to activate your copy of windows.
My experiences with VMWorkstation is that the hardware components reported to the slave OS is not exactly matching actual hardware the host OS has access to, i.e. some devices are emulated (a good example would be the network tunnel adapters).
So as vista activation (not sure about XP) goes by the the motherboard on the specific laptop, would the license be tied down to the VM Fusion instance?
i.e. if you do boot camp afterward can you still activate your vista once its natively mapped to the MB/MBP's hardware?

 

not sure, but mine is working fine...
i am using a student copy of vista and i am only allowed to install it twice, i had used it once before i bought my MBP and its working fine for both bootcamp and fusion

 

So do you mean you had one activation left before you installed via boot camp AND (then) fusion? and on both occasions it activated fine?