Ok, I was rendering with viz2006 (and using the appropriate license server) so I tried the max2009 version of license server, and after enabling it to get through windows firewall everything is working fine now.
Please check the following:
Installation on the license server (where the dongle is plugged in)
(*) Start the installation;
(*) Leave the option to install the WIBU key drivers ON;
(*) Finish the installation;
(*) Plug in the dongles;
(*) Run the V-Ray license server;
(*) Run 3ds Max and verify that V-Ray is running properly.
Installation on the render nodes (slaves).
In the beginning in field “Choose installation type”, please choose Render slave (plugins + DR files only)
then proceed with the installation at the end a dialog box appears where you should enter the IP of the machine where V-Ray with the dongle is installed.
and the port should be 30304:
If that dose not help, try to go to the Control panel, System applet, Advanced section, Environment variables button, and create an environment variable “VRAY_CONNECT_TIMEOUT” without the quotes with a value if “50000” again without the quotes and see if it makes things any better.
Also, please try to enter the IP address of the machine having the license server running and dongle plugged in to alternative license server field as well in the license settings dialog.