Microsoft has apparently, perhaps temporarily, stemmed the flow of pirated copies of Lenovo's RTM Windows 7 Ultimate by blacklisting the product key. This was possible for the simple reason that no customers have yet activated any copies of Windows 7 using that key. Microsoft has reportedly sent Lenovo a new product key. If this leak had happened after Lenovo had sent out computers with Windows 7 Ultimate pre-loaded, Microsoft would have had a bit of an issue on its hands.
So this basically ties up the game between pirates and Microsoft, with the score at 1-1. Of course this will not be the end of it by any means, with combating piracy being an ongoing task for Microsoft.