The new MSI Utility has been announced (formally WiAVE); check out the product teams' blog here and for more information on client side application licensing see my blog entry here.
Using the MSI Utility we are now pre-caching the virtual application (plus a few other niceties) and it is now classed as 'installed' on the client computer; therefore, you need a license. If you distribute an application to 5,000 computers, you need 5,000 licenses.
You should contact your product vendor for their specific licensing implications.
The new offline mode of the SoftGrid client means it won't be contacting a SoftGrid server for authentication, this also means that the SoftGrid server can't monitor the client and central license checking it not available.