How does the commercial licensing work (i.e. full access to VE maps no rectrication regarding what/where box etc)

The commercial licensing is a simple, flexible transactional license just like the one used for MapPoint Web Service. With this license, you get access to the control, all the functionality of the web service: geo-coding, driving directions, proximity search, data management, reporting and more, as well as service guarantees and professional support.  

There is no What/Where requirement or restrictions to public sites (you can use it in BI applications and other intranet apps) with the transactional license.

If you are interested in licensing the control today, contact maplic@microsoft.com for more information.