Take a look at this VMware forum thread:
Running 10.6 Snow Leopard client in Fusion?
A poster gave this argument here:
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I'm no lawyer but I don't see anything in the Apple's SLA that prohibits running Snow Leopard client as a Fusion VM running under Lion.
"A. Single Use License. Subject to the terms and conditions of this License, unless you have purchased a Family Pack or Upgrade license for the Apple Software, you are granted a limited non-exclusive license to install, use and run one (1) copy of the Apple Software on a single Apple-branded computer at a time."
The term "Apple Software" refers to Snow Leopard, not Lion. Therefore, if you install Snow Leopard as a VM (running under Lion) you are only running one copy of Snow Leopard on a single Apple-branded computer at a time, as per the license.
The term Apple Software can not collectively refer to both Snow Leopard and Lion because Lion has an entirely different SLA. And of course you need a different license to run Lion. i.e. you can't claim the license for Snow Leopard applies to Lion, or visa versa. You can't obtain the Lion installer without paying for it and run it by claiming you have already have a license for "Apple Software".
While the SLA clearly prohibits running Snow Leopard as a Fusion VM running under Snow Leopard (i.e. 2 copies of Snow Leopard on the same machine), I don't understand how there is a prohibition for running Snow Leopard (as a VM) and Lion at the same time.
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And a VMware employee responded here (emphasis added):
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As much as you (and everyone else, so this stops popping up every so often) would like a lawyer's opinion on these forums, I doubt it'll ever happen - doing so might open up liability, and there's no benefit. So in leiu of that, please consider the following statements from someone who is not speaking in any official capacity but is vaguely familiar with the matter:
1. We have an obvious preference towards allowing as many guest OSes as possible to run in Fusion.
2. We work with Apple on both technical and general issues. This includes what they intend to be allowed to be virtualized, not just what's in the SLA.
3. We do not want to needlessly antagonize Apple (or any partner).
If you want to armchair lawyer it up, I personally don't care, but don't do it here and don't ask us to help you out. Take it up with Apple, and please don't make me lock this thread.
Don't get me wrong - I would love all OS X client SLAs to be relaxed, and I think it's great Apple has finally seen the light with Lion, but I'm not holding my breath for retroactive changes.
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There is further discussion there as well.