I have been using dongle free apps for years, but recently have added K2, GVI, AZ, Muse, and Cubase 4.
Seems like everybody hates them, but in the future most apps will require them. Unless you use a DSP based Platform, which does rule supreme still.
But I was nervous about these little blue sticks even after I put 5 licenses on one stick.
Since I play live and tend to get rather involved with the audience, the thought of theft had occured, which really made me nervous. So I simply put the dongle inside the DAW ( 4U ATX ), and sleeved it as well. Now I can relax in knowing that it ain't going anywhere w/o me seeing it happen.
As a precaution, I put all of them on my Cubase 4 dongle, as that is a worthless app live IMO, and if it does get lost, I still have all of the other dongles to make a new one with. The Cubase 4 CD does however make a great coaster for my drinks, so it wasn't a total waste of money.