I've used the activation, both at home, and here at work. Each took less than 30 seconds, no issues. IMO it beats the hell out of getting and maintaining a registration code, and was quicker. I absolutely don't feel "penalized" for activation.
As far as hardware changes, or complete computer changes, all you have to do is release your license prior to changing, and reacquire one after. No big deal.
My license says nothing about expiring after 28 days. After initial installation there is a timer prior to mandatory activation, but my licenses have an expiration date of "never" once they were activated. My home computer has not been connected for 6 weeks or so, I've gotten no notifications of any sort, and SW funtions just fine (still have final pre-release installed though).
I have no issues with a company taking measures to ensure that they are not being stolen from. Its really no different than a mag strip on a CD wrapper, or an alarm tag placed on a $100 pair of slacks. The only issue that I could have would be if the measures taken affected the funtionality of the product, and those that SW has taken don't appear to have done so.
In the past, I've maintained an installation of SW at home, and in the office. Although it would occasionally have been nice to install it on a laptop, I did not do so, because the agreement did not allow for it. Now, the option is present. Deactivate the license at home, then activate it on the laptop and good-to-go. Easy enough to switch it back. I like the fact that all software on all my computers is ligitimate. SW has given me options that I didn't have before in that regard.