Kaphix: There could easily be a system where you present some sort of proof of purchase, and your old key could be invalidated, and a new one presented to you. But people could easily just use it to get unbanned from every server. So its really up to Badspot, but at the moment, I don't believe there is a key recovery system. Just print out a hard copy of your game key and put it in a drawer.
Spoot: Unless you are really lucky, you probably won't get a working game key in your life time. It isn't worth the effort.
Step One: You need to code a way for the generator to work with the server.
Issue: Do you really think your flood of registration confirmations from the same IP will go unnoticed?
Step Two: Generate a key.
Issue: There is a theoretical total of 3058021453718105000000000 game keys. Last time I checked, my computer can do about a thousand passwords a second (and these are just five character passwords, letters only. It was for educations purposes only, I swear!). Factoring in interface with the game and the server, at best, you can expect to get 800 keys a second. And you are still flooding the server with your requests. If you guess 800 keys a second, it will take you 3822526817147631250000 seconds to get through every key, or 7,266,719,167,555 millennia. Comparatively, the universe estimated to be about 17,300,000 millennia old. Mind you, this is maximum time it would take for you to get a single key. It could take you any random time between 1 second (the lowest amount of time to guess a key, theoretically) and 7,266,719,167,555 millennia. I doubt, that Badspot, in even his most prosperous expectations, intends to sell over a billion copies. Even if you factor in the absurd number of one billion keys, the amount of time it will take for you to generate a working key is still a number between 1 second and hundreds trillions of lifetimes.
Even thinking of using a keygen is a stupid idea, spend your time cracking it instead. And the issues with cracking the game are outlined by Badspot in another post.
