The license information in the LiveCycle admin UI of the most recent VMware image reads:
Current license: EVAL
Last updated on: 11/18/09 5:59 PM
Status: Pending confirmation
Installation date: 11/9/09
Expiry date: 1/8/10
License has expired.
This is an "evaluation" virtual appliance. So it has an expiry date. However, the expiry does not prevent LiveCycle from functioning. It will continue to work.
We will be keeping the eval appliance updated roughly 2-3 times a year.