In addition to Pcghost's comments, the Demo entitlement will allow you to run the up2date service, which will look for and then download new versions of the packages you've got installed on your machine. It's a painless way of keeping your machine up to date (hence the name). Whether you want to use up2date or not is entirely your decision, but personally, I think it's a good idea.
Otherwise though No, your Redhat installation is totally functional full version of Redhat. -- J.W.
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