I have no concerns whatever. My level of "partnership" (was "OEM Partner", now "System Builder") required me to register with Microsoft for permission to buy 5-packs of Windows 95 from Ingram or Tech Data (registration is no longer required, but I still have a "partner number").
I no longer buy multi-packs because I never need that many copys of Windows any more, and getting Windows from my mother board supplier is a couple bucks cheaper anyway.
"Partner" levels that require substantial investment in time, training and products should be very concerned indeed, and I think most are. "Commoditization" is a major problem.
As a columnist in ENT (Enterprise NT) magazine put it about a year ago, "You're making good money on 2000 now, but in a year or two everyone else in your area will be competing with the exact same services - profits will plunge." His recommendation? "Start learning Linux now".
Now, in addition, Microsoft has made it clear - the more substantial a "partner" you are, the more direct competition from Microsoft you will encounter. Big "partners" serving major corporate clients will be hit the hardest.
I have been saying for years that Microsoft would eventually be comming after that money. Their need for rapidly increasing revenue is endless.