I just bought a new laptop as well as move to Yosemite. After migration, guess what wanted its license codes again?
The only reason I bought this copy of Office 2011 was so that I can convert files from people who have the nerve to send me data in this horrific (something)x format (.docx, .xlsx), because I mainly use LibreOffice for wordprocessing and spreadsheet work, and Keynote for presentations.
So, now it's waiting for a license key which I already bought. I have a few options: find the box with the license key (nope, it's in another part of the world), buy another copy (nope, don't like buying the same thing twice), grab a keygenerator (illegal so not viable as a solution, but an interesting experiment if VM contained against infections), find a key recovery tool (no idea if that exists) or just ignore the thing and maybe even erase it. It's not like I need it (and neither do about 95% of small businesses IMHO). I think I'll just let it sit there for the moment.
What is NOT going to happen is that MS gets my money twice - and I am certainly not going to buy an upgrade either.