Gary,
Yes I knew it was non transferable, but, reading this post from Tom, it seems like it really wasn't a big deal (had I read this post at that time, I probably wouldn't be in this position). At that time, I saw alot of buying and selling of licenses, and everyone seem fine about it.
http://lime-technology.com/forum/index.php?topic=38192.0
"As for key transfer - well that's a bit different. As long as we are offering 2-packs, where the 2nd key is just 30 bucks more (regardless of reg type), well we're not going to transfer this to a different owner. The true purpose of the 2-packs is to provide a ready backup for someone who doesn't want to be down if indeed their flash does fail, and they don't want to wait around for LimeTech to replace their key. As for key resale: we don't support this either, though again, via email, we usually do honor requests to change the "regTo" field in the key. Hint: the chances of us changing the registered owner is much greater if you are in possession of a key/flash that was originally sold as a single key, or if you possess both keys/flashes of a 2-pack."
Again, I was aware of the risks, but at the time I was just looking to save some money.