It looks like the activation process is indeed changed, which is why the upgrades report generic keys:
http://www.zdnet.com/article/microso...tag=TRE17cfd61
Quote:
For more than a decade, one of the keys that Microsoft's activation servers have relied on is a unique ID, which is based on a hash of your hardware. That hash is reportedly not reversible and not tied to any other Microsoft services. So although it defines your device, it doesn't identify you.
Here's how that ID works with Windows 7 or Windows 8:
When you activate for the first time, that hashed value (let's call it your installation ID) is recorded in the activation database alongside the product key you entered with the installation. Later, when you reinstall the same edition of Windows on the same hardware, with the same product key, it's activated automatically. (Conversely, if you try to use that product key on a different machine with a different hardware ID, you'll probably be denied activation.)
Windows 10 goes one very large step further.
When you upgrade from Windows 7 or Windows 8.1, the Windows 10 setup program checks your current activation status and reports the result to the activation servers. If you're "genuine" (that is, properly activated), the Windows activation server generates a Windows 10 license certificate and stores it in conjunction with your installation ID and the version you just activated (Home or Pro).
It didn't need a product key to do that activation. All it needed was the proof from the Software Licensing Manager utility that your underlying activation was legit.
You can now wipe that hard disk completely, boot from Windows 10 installation media, and install a squeaky clean copy.
The Setup program asks you to enter a product key, but in a major change from Windows 8 and 8.1, it allows you to skip entering that key.
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More at the source, with screen caps and all.