The Virtual Earth/Live Maps blog has the news many of us have been waiting for:

Somewhere in the shadow of these huge announcements, new simplified licensing terms for the Windows Live Platform (WLP), including Virtual Earth, were rolled out. If you’re interested in using multiple services of the WLP, VE is covered as part of the broad license for the Platform. WLP is free for use on websites that have less than 1 million Unique Users and Commercial-use is completely supported in these terms of use! The license covers Contacts, Photos, Silverlight Streaming, Search, Virtual Earth, and Windows Live ID.

Yahtzee!