I too have a lot of money tied up on these little dongles. I'm not so afraid of losing them, but I'm afraid of them failing. Plus I have to manage my licenses carefully which is too much overhead. I can only use VSL in my home studio since I'm too afraid to take the dongles anywhere; I keep them locked up when not in use.
My bigger fear is that one will fail. I just had a scare today when the eLicenser software said one of my dongles had failed. I pretty much freaked. Fortunately I went over to an older computer that had USB 2.0 and an older version of the eLicenser software and the dongle worked there. I copied the licenses off to known good dongle. Then I took the known good dongle and put it back in the orignal computer. This time I could read the dongle, but the licenses were wrong. I killed the licensing software and rebooted the computer and "magically" I could see my missing licenses. This has happened before and doesn't give me a lot of confidence.
I keep my VSL licenses on 6 different dongles, just in case one does acually fail. This would minimize my loss. I suppose if my house burns down I could claim the $12,000 or so dollars on my insurance, but then I would be saying goodbye to VSL for good.
A better approach to me is like the iLok or Waves solution. For my purchases protected by iLok, I can transfer the licenses to the iLok Cloud when I'm not using them. The only time I keep licenses on my iLok is if I'm using them. The same goes for Waves, I don't keep the Wave licenses on my computer unless I'm using them. I travel a lot and if someone were to steal my iLok or my laptop, my iLok and Waves licenses are safely stored in "The Cloud". Doing all of these transfers is still a major pain, but at least I can protect my investments. eLicense doesn't have a "Cloud" where licenses can be offloaded when not in use.
Recently I have been largely switching to products that do not require iLok and I tend to use those more. VSL now has a lot of serious and good competition in this field. They would be wise to a better solution for thier loyal customers otherwise they will lose them to Kontakt library makers. I can use my Kontakt libraries without having to resort to all the overhead involved in dealing with dongles or moving liceneses to the cloud.
Lenny H