Installing downloaded windows 7 multiple times

So I'm debating between downloading or buying the disc for the Windows 7 pro upgrade student deal. I just want one thing cleared up first. If I choose to download it, and then later reformat, will I be able to install again? What happens to the download once you have upgraded? If I reformat, will I be able to call Microsoft and have them let me download it again, or should I just spend the extra money for the disc?
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    For less hastle... spend the extra cash and get a physical copy. If you want to burn a disk from the downloaded copy yourself, by all means go ahead.
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