Not a lawyer. Not speaking in any offical capacity.
The TechNet FAQ is even clearer in its restrictions than the MSDN one.
....which you can use for evaluation and testing purposes to help you stay current and recreate customer issues....
The TechNet Subscription license terms grant one user the right to install the program software on any devices, including those located at his or her home, but the user must fully comply with all the license terms no matter where the device is located. In other words, one user may install and use the evaluation software, only to evaluate it. You may not use it in a live operating environment, a staging or production environment, or with data that has not been sufficiently backed up. You may not use the evaluation software for software development or in an application development environment.
And then they go on to define what you can do
| TechNet Subscription software may be tested to determine the following: |
| Install/Uninstall – Time and process required for full, partial or upgrade software install/uninstall processes and system integration. |
| Recovery – Capacity for software to recover from crashes, hardware failures, or other catastrophic problems. |
| Security – Defining software’s ability to protect against unauthorized internal or external access. |
| Compatibility – Gauging software performance in existing or new hardware, software, operating system or network environments. |
| Comparison – Evaluating software to determine product strengths and weaknesses as compared to previous versions or similar products. |
| Usability – Assessing satisfaction among end users, observing end user utilization and understanding user interaction scenarios. |
| Performance – Ensuring software will perform as expected to requirements. |
| Stability – Estimating individual software’s ability to perform consistently, relative to system demands. |
| Environment – Determining software settings while software is being evaluated by end users in existing infrastructure. |
The license is, well, the usual legal stuff.