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Windows 7 Family pack & Anytime Upgrade…

Hey all, got a quick question for you guys (and the mythical gal).

So when Windows 7 launched I picked up a copy of Windows 7 Family pack, I’ve used the 3 included licences to install on my MacBook, Desktop and a Netbook. Now I’m wanting to upgrade the desktop to Windows 7 Ultimate through Anytime Upgrade but I was wondering how that would work under the family pack?

Is it pretty much meant that I loose one licence for Home Premium (even though it’s the same key…) and I get one Ultimate or does it over rule all 3 licences?