I believe on TechNet, a Retail licence key will give you 10 activations. However, when you install it on a PC, you can uninstall/re-install as many times as you like on that PC and it only counts as one activation.
No real limit although the number of online activations is lower - eventually you'll have to apply for more keys.
Of course you are highly unlikely to reach the upper number.
Technet licenses are only legal in a testing and evaluation environment and to be fair even the largest of company's wont be able to use all of the activations up whilst testing.
Once you buy your legal license for Office 2007 it will be the same story - pretty much unlimited number of reactivations, only a certain nuumber automatic and online.
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