I know I don't "own" the software.

I've been up with computer law since the early 80s when I was doing batch processing agreements for TV companies. I agree the EULA does what you say. I don't agree that it is proper that it should do so. I repeat, so long as you have only got one copy of software loaded at any given time, the fact that the machine on which it is loaded has changed is not a legitimate (as distinct from a technically legal) concern of the licensor.

The reasons you give are some of the reasons I won't use XP.

The licence terms of XP are a ripoff.

It is time the EU commission took a look at this as well as the other restraints operated by Microsnot. Microsnot is due another kicking by them.