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You are correct about how Terminal Services works: any device accessing Office in a Terminal Services session needs an Office license. Note that these Office licenses have to be for the same version and edition of Office: so if you're accessing Office Standard on the terminal server, the device needs to be licensed for Office Standard or better (Office Professional Plus, for example). As another responder said, this is true no matter what remote access technology you are using, TS or SGD.
If they're using Terminal Services, they also need a Terminal Services license as well, which can be a device license or a user license.
Your assumption that anyone in the world could access Office this way is also correct. As long as they meet the Office device requirement and have the required access license, such as a terminal services CAL, they are covered. Organizations can purchase TS CALs for non-employees; you can also use an External Connector, if you want a lot of non-employees access the server and don't want to purchase a CAL for each one.
Note a change with Office 2010. The "primary user" of a device licensed for Office Pro Plus 2010, to which Software Assurance for Office Pro Plus 2010 has been added, has the right to access Office in a terminal session from a third-party device (e.g., not owned by him or by the company hosting Office). That device does not need to be licensed for Office.
Moderator Edit: Removed URL from signature.
If you must, leave it in your username profile, where only logged-in members can see it.
Edited by: rukbat on Apr 5, 2011 9:16 AM