>I'd venture a guess that some or all of the registry entries involved are assigned under the current HKEY_CURRENT_USER (which is really just the current hive of HKEY_USERS in effect at the moment.) If that's the case, you'd have to register the object for each userid; it'd get ugly fast.

Fraid not! It updates HKEY_CLASSES_ROOT\Licenses I'm not sure if it creates a new key or updates an existing one.