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Based on the license agreement, a branding-free license allowes you to have a branding-free installation of vB. So if you use vB5 today and upgrade your site -- the same site -- to vB6 (if/when that is being released), you should be fine. Everything else makes no sense in my opinion, because the branding-free license handles whether or not you are allowed to remove the branding, which means you can't run two or more sites with only one branding-free license. I don't see where it is tied to a specific version number.
(In order to be a 100% sure about this, I'd wait for an official answer from a support representative before purchasing though.)
Branding free gets married to the license you purchase it for, as long as you upgrade that license it remains branding free for life. If you purchased a 2nd license that one is not branding free unless you purchase branding free for that license as well.
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