I have previously blogged on the licensing issues of Microsoft CRM and I am still waiting for an answer from the Microsoft representatives in Sweden who have forwarded the question. As soon as I get an answer, I will let you know.
I have also been involved in some discussions concerning what the specifics of the external connection licese are. The following URL describes the details of this for CRM (and also other products). Please have a look:
Microsoft Dynamics CRM Consultant