Quote - I like Giveaway Of The Day, but AFAIK the catch is that you lose your software if you have to re-format your machine, or if you have to start using a new PC. This is because you have to install it within 24 hours. Am I correct about this ? ... or is there a workaround ? 

that is correct.

still, considering you get to use some great software for free for a good while, it can make you discover new tools and in some cases you may want to upgrade to a newer full version without such pitfalls.