I think the "key is bound to the hardware" is a hindrance for many, it kept me from registering MorphOS for many years because I had an old G4 that could run MorphOS but without sound - so I didn't really want to shell out the money for a keyfile locked to that computer. On the other hand, most people that buy MorphOS seem to buy more than one license and that would probably not have happened if the key was not bound to the hardware. Also piracy is a problem.

I think the MOS-team generates more money because of it, but I personally would have liked it more if the key was yours and free to use on as many machines as you want. But I understand their decision...