Just received this email from our MS Select supplier.
 
"Product Activation potentially affects you with the arrival of the Select CD shipment that was due for issue on 17th April 2001. Initially, the only products affected are Office XP and Visio 2002. In due course, however, more products will be subject to Product Activation including Windows XP and Project. Historically product keys were included on Select CD cases but that will cease to be the case where Product Activation is in effect.
 
To install a product that is subject to Product Activation, a Select customer will need to acquire a Product Activation Key. Currently these keys are being provided by our local Microsoft Activation Centre. The Centre is open 24 hours a day, seven days a week. The European centre number is: XXXX
 
Select customers will need to quote their enrolment number in order to obtain the appropriate key for a product. Upon calling, the Customer will also be asked which products they are installing and the quantities. This information is requested only for guideline purposes. Once you have this key it may be used for installations. Different products have different keys.
 
Customers signing a new enrolment will be notified of their Product Activation Keys with their acceptance letter too.
 
You must remember that the Volume Licence Product Key is assigned specifically to your organisation. You should only distribute it to employees or third parties authorised to install and distribute licences pursuant to the terms of your Select Agreement.
 
Different procedures apply to Product Activation for non-Select customers.
 
Keys will be available via an online system in due course.
 
Customers with multiple enrolments are requested to obtain Product Activation keys for each enrolment."
 
So there we have it. Select customers will be required to get activation keys, but one key per product per organisation is all you need. So it shouldn't be too much of a headache after all.