It doesn't matter that "Hyperion still get their money". It's still piracy, because your license will not say you can run it on alternative platforms.
There are a few ways of countering this.
For starters, I'm sure the license you agree to does not specifically state whether you can use the installation CD as a drinks coaster, but would it be "illegal" for you to do so?
I'm not entirely for adhering to the letter of software licensing, and I'm not pro software piracy. I'm pro my opinion of "fair use".
Another issue is running software under emulation. My personal opinion is that is a "fair use". However, if your contract allows the software to be run under emulation, which is pretty much "not running on its intended hardware platform", then it puts mdma's example of running a cracked copy of OS4 on alternative hardware into a grey area.
One might regard circumventing protective functions of the software as "illegal" (I put illegal in quotes as it can be by the law illegal or by the contract illegal), however I don't see any issue with legally purchasing say a copy of WinXP from a shop, circumventing the protection system so you don't have to give your personal details to MS, which quite frankly, IMO, they don't have a right to, and then using the software as a normal [legal] user would. MS would certainly have issues with it however, and would if they wanted to have you over a barrel in court.
My personal opinion also is that there should be no problem with multiple installations of a product, provided they are only going to be used by the same person, and obviously not at the same time. If you think about it, that lands straight back in the same court as software emulation. I legally own an A1200, KS3.1 ROMs and WB3.1, however I don't use it very often anymore, preferring to emulate the setup instead on my PC.
Software piracy is not a clear cut line between right and wrong, because companies put things in contracts/license agreements that aren't really right.
I am also totally against any copy protection system that limits "fair use" or inhibits convenient legal use of a product.
The other issue is, would it be totally hypocritical if, with me and my opinions on this matter, to use WinXP in the scenario I described above? I don't use WinXP, but anyway.
Another issue is, if anyone is of the opinion that the letter of the contract must be 100% adhered to, regardless, then they are basically supporting software companies to write whatever the hell they like into license agreements/contracts. If your response is "then don't use their products", my response is "what if all software companies did that?".