Unless they are building a system, and decides upon certain choices. I decided to add a SATA drive, and change the video card, for example, and had to endure some long conversations. This was with XP; I cannot comment on Vista.
I've heard about changing hardware and such but never experienced it myself. While all my evidence is anecdotal, it suggests that reactivation is successful (while inconvenient). I've changed graphics cards twice, added a hard drive, and replaced both DVD drives in my machine while never having to reactivate, so I don't know.