Man, how is this passing anyone's smell test?
You're buying keys, not licences. Nothing going on is legal or would hold up if audited. Yes, the keys activate. Yes, you can download updates. That doesn't give you a licence.
Additionally if you have MSDN or Technet or any of the other programs, they're _subscriptions_. So the "just register, download it all, and then cancel" still won't be "licensed". Neither is "oh, I still have some unused keys from a few years ago. You can use the keys and licences so long as you have a subscription, but after you need to stop using them - it's in the EULA.
Now, I don't _care_ what anyone here chooses to do. But you all may as well be using a keygen, if you're using these pay for codes that are _clearly_ not passing any sniff test - or audit.