You get a link to go to Microsoft and create an account and then activate the Office copy there. It can only be active on one machine but you can move the license to another machine.
Bit of a pain. It cannot be used on 3 machines like previous Student Editions were allowed to.
There is a product key but it isn’t used in the way that we used to do it. During the download process, MIcrosoft now has you create a login to its system and you must log into that account to download the software. After downloading and installing MS Office, you then log into the software using the account you set up with MIcrosoft during the process. The license information is the permanently tied to the email address that you use when you create the login.
If you purchase the digital download version of this software, you will not receive a physical product key card in the mail. However, you will still receive an activation key code.
If you purchase the key card version of this software, you will receive a physical key card in the mail. That card will contain a scratch-off activation key code. You will also receive a digital download of the software.