Bree said:
Over on 11F jimbo45 is reporting something similar with the VMWare one....

Free Evaluation VM's from Ms - VMWare version Ms telling Porkies | Windows 11 Forum

But in post #2 tomdsr points to the line in jimbo's EULA screenshot where "...It says pretty clearly: The software is licensed to you for sixty (60) days from the date of installation unless otherwise indicated in Exhibit A."

So is it activated or not? And if not, will it run perfectly well for 60 days then stop working? Don't ask me, I'm just a Hyper-V user

So is
It will run until sometime in January --but it's not activated (VMWare version) -- you can only make very limited personalisation changes e.g you can install themes (not from Ms store or via settings) but install directly from theme files from internet etc.

I think the most useful thing about this is to try out the included Visual studio code etc. Otherwise it's a bit of a waste of time if you ask me -- at least the "Non HYPER-V" version.

Also as @Bree says it's non UEFI etc so not running W11 requirements. I'm not really sure why Ms bothered with this -- it breaks all their rules -- IMO they'd have done much better releasing independently trial versions of VC Visual studio etc - or allowed full blown 180 day releases like W2K22server -- well worth trying if you want "to have a go" with Windows servers (for free). It (W2K22server) also installs easily on a "physical vhdx" - I run it on an external SSD - works a treat.

Ms does also say that after expiration you may well lose data etc if on the VM. I don't think that's an issue though if people make the usual data backup precautions. So with such a very time restricted and limited functionality offering I'm not sure what Ms is trying to achieve here -- nobody is going to waste a lot of time trying developments out on this type of system --surely.