You need to keep the s/w installed in order to keep using the profile. The s/w adjusts the h/w gamma ramp in the gfx card - one of the reasons why you need to disable Adobe Gamma if you use a h/w calibration tool.
ColorVision do say the generated profiles can be distributed but not sold, rented, bundled, etc. but without the rest of the s/w you're not calibrated anyway.
However that is beside the point. The benefit of purchasing the product is being able to work with a calibrated display. Do you think a court would agree that anyone should be able to enjoy that benefit without making a purchase? Now it's getting very close to piracy. I bought a DVD and can watch it when I want. I can take it round a friends and watch it there as well. But if I leave a "copy" with the friend and continue to watch mine as well...
"It might encourage more sales.." won't hold up either any more than it does for Windows/Office/etc.
"If you want to encourage sales invite your friend round to see your calibrated display, if they're impressed they can buy their own", would be the likely response.
There is a tangible difference between continued use of the s/w to provide a calibrated display and the results it produces. I can buy a washing machine and wash your smelly socks - you can enjoy clean socks. Now if I had a way to buy a washing machine, send it you so you could clean your socks, send it on to someone else, etc. but did it in such a way that I cloned the machine (at no cost) so we are ALL cleaning our socks at the same time the maker of the washing won't be happy and will want protection to prevent that happening or they'll very quickly be out of business.
Now back to licence agreements. Generally they state that the s/w can be installed/used on one machine owned by the purchaser at a time. To install it on another machine you'd need to transfer the licence. Don't forget about OEM licences that are attached to the h/w they're sold with and not the individual. So if you buy a PC with Vista installed you can't sell the PC and keep the Vista licence. Most also say you can't lend the s/w...
I'm not saying don't do it, I know that some camera clubs do exactly this with h/w calibration kits, all I wanted to do was point out that legally it's on shakey ground and TP might want to consider where it stands on the matter.
Maybe someone wants to get in touch with ColorVision or Pantone and ask what their position is on the subject - do they provide some kind of club licence or something that the interested members could all chip in for... on the other hand they might say they couldn't care less but at least you've got it in writing
I'm nearly at the top