We have an engineering group that has 4 major apps that use a USB locking key needed to run them. They used to have a dept laptop that they had to pass around by hand. A few years back they spread their dept out to several offices so I virtualized that laptop to VMware view 5.2. Hack de teleport tantra extreme hack. This required me to of course physically insert 4 keys into one of my data center hosts and run that one VM in local storage (instead of being clustered like the others with HA) but it worked fine with USB pass through.
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Had very few problems with it since. Working in architecture/engineering the past 7 years or so I've seen a lot of dongles in my time. They're definitely not USB keys.
Usually if people are working around it they tend to install crack patches instead of trying to duplicate dongles. Most of our software that uses some form of licensing has moved on to license servers where a license file is generated based on some information from the computer (usually MAC address) and no dongle is used, but I have at least one where a dongle is still in play.