Obviously if you install Windows on bare metal your product key is bound to your mother board. But if you install and activate Windows in a QEMU/KVM container what is your product key bound to? If it's bound to a QEMU thing does that mean you can safely transfer your drive image across computers?
You actually have to read the Windows EULA for the answer lolz...
You have to hit cancel when the license key screen pops up, and not register.
The Windows EULA I have on my Windows versions, allows one to run it in one virtual container, and the way it is set up, Windows will not display the warning of being an unlicensed copy as it detects that it is running in a container based upon a linux kernel. You can simply install the legally acquired Windows copy in the container (even if you have installed it on bare metal also, there is no mention of exclusivity, the EULA mentions that you can install it in one virtual container, but doesn't mention that that invalidates the license for installing it also on bare metal, but check for yourself what the EULA for your copy says, because there are different EULA's for different Windows copies in different parts of the world!).
Only if you have an OEM copy is it tied to the first machine you install it on. If it detects a change in mobo or CPU it may ask to be reactivated.
If you have a full retail licence you have licence mobility and can transfer it to a new machine; it won't request reactivation if it detects a different mobo/cpu. Obviously you should only be using it on a single machine though.
If your employer gives you an MSDN subscription you can use that to install whatever windows edition you want, pretty much where you want - but it is intended for developnment and testing purposes only.
Wow that's better than I thought it would be.