Here's the reply I got from Picsel when I emailed them earlier this week about the matter:
"The license code is generated by our servers in accordance with RIM's protocols for dynamic licenses. However, we have discovered that many purchases are not notified to us by RIM in the correct way."
"Today (March 26th, ed) we have changed our system so that it should issue the license codes in the way we are receiving them. Within a number of hours, you should receive a valid license code with no further action."
I uninstalled and reinstalled, but still have the same problem.