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I'm going to point out as it has already been stated that if you need ANY other system than a standard Windows Desktop system, then you will want to use IntelliLock. That's where I am at now. I'm needing to use the licensing on a .NET Compact Framework system (Windows CE/Mobile) so I have chosen IntelliLock. I greatly appreciate the above explanations as this made it clear for me based on what I read on the website.
Reactor is more protection focused, Intellilock is more licensing focused. This page lists most of the features.