There are two main types of licensing :
Product Key Cards
Traditional Disks
Product Key Cards: 
Product Key Cards are similar in many ways to the Office 2007 Medialess  License Kits (MLKs).They are designed for use with new PCs preloaded  with Office 2010, and include a 25-character Product Key that can be  used by the end user to activate one PC preloaded with Office 2010.  Product Key Cards do not include a disc; however, a backup download is  available for reinstallation on the same PC. The Product Key Card  license type is not transferable to another computer. 
Traditional Disks:
This license type, often referred to as Full Packaged Product (FPP) in  the past, includes a DVD, a 25-character Product Key, and a Quick Start  Guide. Similar to the way Product Key Cards work, the 25-character  Product Key will activate an Office 2010 preloaded PC. However, unlike  the Product Key Card, the DVD may also be used to install Office on a  new PC that has not been preloaded with the Office 2010 or on an  existing PC. The number of installations and users depends on the  specific Office suite purchased. 



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