Hi Bill,
I would agree that the previous licensing was more handy, but I think that because "[previously] you could install it anywhere", this was the reason for the new licensing scheme.
However, I don't think that the current situation is that bad. Even if you are using VMs, they are running on the read hardware and now it is possible to install license manager on the boxes that host VM hypervisors. So no real problem here.
For the business trips you can install license manager on your laptop, deactivate your license on your regular license manager and activate it (license) on the laptop. Then, when on client side and while working on their hardware, you'll need to make your laptop accessible over the network. If you are not working on their hardware and run TestComplete on your laptop, then you'll need no additional settings.
License manager is pretty configurable thing and I would recommend to go through its documentation at
http://support.smartbear.com/viewarticle/63451/.