With the release of Microsoft Dynamics CRM 4.0, there has been a change to the location of the Product Key. If you are ordering Microsoft CRM 4.0 via Volume Licensing, you will need to order the Media Kit (about $25 USD) from eOpen for Open, and from MVLS (VLSC) for all other, because the Microsoft CRM Product Key/License Key is embedded in the media (vs. printed on the back side of the media sleeve like in Microsoft CRM v3.0).
So, for Microsoft CRM 4.0 ordered via Volume Licensing – it is embedded in the CRM Server CD Media, under the following path: \Server\[amd64 or i386]\license.txt (see picture)
Note: When installing the Microsoft CRM v4.0 Server from the Volume License media – the install will look for the license key file automatically – very cool, no more manually typing it in!
Note: For Microsoft CRM 4.0 media obtained through the Dynamics ERP product price list/Business Ready Licensing, the license key is NOT embedded in the media, and must be obtained from your Dynamics CRM Partner, who can obtain them in PartnerSource.
Note: There are other channels beside Volume Licensing and Business Ready Licensing – see this link for the document containing summary of Where Customers may obtain License Keys for Microsoft Dynamics CRM 4.0: