Daniel,  Unlicensed PowerPath runs under the "basicFailover" policy.  Because this policy only allows for failover between two paths on a single HBA, you do lose the ability to load balance, and to failover beyond two paths.   
Hello,  I realize if I run Powerpath or Powerpath/VE unlicensed I do not get load balancing. Is there anything else I sacrifice installing without a license? I have a small QA subsystem that doesn't really need load balancing, just fail over.  Thanks. 
Run Powerpath/VE unlicensed