It does look like a form of WinLicense. I used the demo of the latest one to protect the RegisterMe.exe file from Lena's tutorial. While the first part of the code at EP is different, the decrypt is identical.
Code:
005EB05C 85C9 TEST ECX,ECX
005EB05E 74 0A JE SHORT Register.005EB06A
005EB060 3106 XOR DWORD PTR DS:[ESI],EAX
005EB062 011E ADD DWORD PTR DS:[ESI],EBX
005EB064 83C6 04 ADD ESI,4
005EB067 49 DEC ECX
005EB068 ^ EB F2 JMP SHORT Register.005EB05C
The decrypt routine starts at 005EB05C and the decrypted code sits starting at 0051A000. The routine is spot on. Now I just have to work on the manual unpack. Much thanks for the lead!