http://blogs.technet.com/b/multipointserver/archive/2011/05/20/how-to-license-windows-multipoint-server-2011.aspx 

And the SBS answer is….

“Because we know that some customers will already have rights to Windows Server CALs for their environment, we make the MultiPoint CAL available in VL two ways: Customers can purchase a “combo” CAL that includes both a MultiPoint CAL and a Server CAL; or they can purchase the “standalone” MultiPoint CAL if the Windows Server CAL is already owned. Put another way: if you already have Windows Server CALs for your network, such as through a Campus Agreement or the SBS 2011 CAL Suite, you do not need to repurchase them; only MultiPoint CALs are required in that case.”

 

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