Okay - I'll answer my own question. Apparently it was time to really read the "Terms and Conditions". Not sure why that didn't come up in the results.
From our friends at Apple:
( i ) You shall be authorized to use iTunes Products only for personal, noncommercial use.
(ii) You shall be authorized to use iTunes Products on five iTunes-authorized devices at any time, except for Content Rentals (see below).
(iii) You shall be able to store iTunes Products from up to five different Accounts at a time on compatible devices, provided that each iPhone may sync tone iTunes Products with only a single iTunes-authorized device at a time, and syncing an iPhone with a different iTunes-authorized device will cause tone iTunes Products stored on that iPhone to be erased.
(iv) You shall be authorized to burn an audio playlist up to seven times.
(v) You shall not be entitled to burn video iTunes Products or tone iTunes Products.
(vi) iTunes Plus Products do not contain security technology that limits your usage of such products, and Usage Rules (ii) – (v) do not apply to iTunes Plus Products. You may copy, store, and burn iTunes Plus Products as reasonably necessary for personal, noncommercial use.
Maybe this will help to quickly answer someone else's question.
...and back to work.