According to a post on Neowin and confirmed by Microsoft Australia on Twitter, Microsoft Office 2010 Home and Student allows 3 home installs, all others allows 1 desktop and 1 laptop. That means you can have Office 2010 installed on your desktop and one portable device i.e. Laptop under single License.
The extract from Microsoft Software License Terms (MSLT) for Microsoft Office 2010 under Installation and Use Rights, clearly states
2. INSTALLATION AND USE RIGHTS.
a. One Copy per Device. You may install one copy of the software on one device. That device is the “licensed device.”
b. Licensed Device. You may only use one copy of the software on the licensed device at a time.
c. Portable Device. You may install another copy of the software on a portable device for use by the single primary user of the licensed device.
d. Separation of Components. The components of the software are licensed as a single unit. You may not separate the components and install them on different devices.
However there are few points you should note which I marked as bold.
- The users on both the devices can be the same user only.
- You can have it on your desktop and on your laptop ( portable) but not on 2 Desktops.
- You can have it installed on two laptops of which one is the licensed device and the other is the portable device obviously.
Correct me if I am wrong.