If you are a long time user of Autodesk products and have had FlexLM installed since before the 2004 product releases without installing a newer version, you will need to upgrade IT...before the licensing for Revit will work (or any other 2004 Autodesk product for that matter). The new version of FlexLM is configured to allow the license borrowing and such.
Thanks to Revit support (Chris M.) AGAIN for helping me out!
6.0 is a GO!