It makes perfect sense to me, John.
Any operating system or software installed to a physical or virtual machine is a single license. So, if you have a physical box with 2 VM's on it, that would be 3 operating system licenses and 3 licenses for OneCare in total.
A Virtual Machine is a completely separate machine in all respects and is licenses accordingly. The only gray area exception is if you set up a VM and install the OS and software to it, then clone it and never run the clone and the original concurrently as your intent is to use the clone as a "hot spare" for instant recovery.
-steve