We have a Windows Server 2003 box. I just added the terminal server licensing component and added 14 CALs to the machine. I used PER USER. However, it won't honor the CALs. It still won't allow more than 2 RDP sessions (even after several reboots). I've added CALs to servers many times before and this has never been an issue.
Group policy on the terminal server is configured to allow PER USER connections. The TERMINAL SERVICES and TERMINAL SERVER LICENSING services are both running.