Depending on how reckless/knowledgeable about licenses and IP law you are, you may think it's OK to use Reflector regardless of the .NET Framework EULA because you may believe that the prohibition against reverse engineering is unenforceable (this is my belief, but what do I know?).
Here's what the Reference Source Code Center (RSCC) Blog has to say about Reflector:
The Difference between RSCC and .NET
Reflector
.NET Reflector enables you to easily
view, navigate, and search through the
class hierarchies of .NET assemblies
even if you don't have the code for
them. With it, you can decompile and
analyze .NET assemblies in C#, Visual
Basic and IL.
Reference Source Code Center and it's
integration inside Visual Studio 2008
enables a rich debug scenario for
developers building applications on
top of the Microsoft platforms. With
it, you have fast and easy access to
Microsoft’s platform source code.
What are the most important
differences between RSCC and .NET
Reflector?
RSCC can only display the sources of the .NET Framework that we
currently support, .NET Reflector can
enables you to see the reflected code
of any .NET assembly
RSCC enables you to debug and step into the source code from inside
Visual Studio
Both tools let you look at the .NET Framework source code in C#, but
here's the difference in information
you get as a developer: [examples
elided]
One reason you might not want to use the RSCC source is that the license forbids you from using it
if you are "engaged in designing, developing, or testing other software, for a non-Windows operating
system, that has the same or substantially the same features or functionality as the software."
So if you're involved in Mono, you won't want to use the RSCC. Depending on how careful/paranoid you
are this may possibly apply even if you're nothing more than a user of Mono, as that may be covered
by 'testing'. However, I think that Mono developers might also be careful not to even use somethign like Reflector (I honestly don't know what their policy is).