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>>ABOUT MSDN
>>With MSDN Enterprise, if you purchase it for one year, do the licenses expire at the end of the year? Also, we have all the Windows and Offices we'll need for a while.
>
>From MSDN subscription FAQ at http://msdn.microsoft.com/subscriptions/prodinfo/qa.asp#licensing
>
>Q: When a subscription expires, do the licenses terminate or are they still valid?
>A: MSDN Subscriptions has a perpetual license, so subscribers can still use the products within MSDN Subscriptions after their subscription has expired.

From what I heard, if you continue your subscription, you actually get one license for each year on everything you get. I figure someone better informed than me could add some details on this.