The Microsoft website isn't totally clear about the limitations of the internal rights license attained as part of a partnership. I'm trying to work out if development work would be permitted if it is for a customer project.
From http://support.microsoft.com/kb/2887467 it clearly says no
Activation rules/policies
The Microsoft Partner Network grants software licenses only for internal business needs, customer demonstrations, and internal training purposes. These licenses cannot be used for direct revenue-generating, commercial purposes.
From https://mspartner.microsoft.com/en/us/Pages/Membership/internal-use-software.aspx?mpniur#_ it implies yes
You earn Internal-use rights (IUR) licenses for Microsoft software and online services when you join the Microsoft Partner Network by either subscribing to Microsoft Action Pack or earning a competency. You can choose any combination of on-premises software and online services to suit your needs (run your business, train your people, develop and test, and demonstrate to your customers) and change between them at any time, just like Microsoft Enterprise Agreement (EA) >customers.