You get the "Cakewalk Version", which doesn't require a serial number or any activation (that was my initial question). This is a subset of the "full" TH3 - which has more amps/cabs/fx.
But you can then download a demo of the
Full TH3, which is supposed to run for a couple of weeks (full access to everything) - then I guess it just reverts back to the Cakewalk version.