Pretty useful, but I've always been curious on the legality of circumventing the 30 day limit on use. I remember when I was in college my instructors would recommend this to get around the trial periods of Adobe products so we could work from home.
Microsoft allows you to re-download the virtual machine after 30 days. I am not sure how sensible the system in the place is, but I believe Microsoft is happy that their browsers get support from the web developers.
Good point. I suppose that given that there is considerably more competition these days and that IE 6 left them with a bit of an unfavorable reputation, they should be happy. Things like this are certainly in their best interest.