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Description of problem:

http://documentation-stage.bne.redhat.com/docs/en-US/Red_Hat_Enterprise_Linux/6/html/Deployment_Guide/viewing-ents-cmd.html

In section 4.9.2. Listing Subscriptions with the Command Line

Command list --installed could only list products that are installed on the system. The products which have assigned subscriptions to the system but not installed should not display.

In the following example:
[root@server1 ~]# subscription-manager list --installed

+-------------------------------------------+
    Installed Product Status
+-------------------------------------------+
ProductName:         Red Hat Enterprise Linux 
Status:              Not Subscribed
Expires:
Subscription:
ContractNumber:
AccountNumber:


ProductName:         Awesome OS Server
Status:              Not Installed
                     ^^^^^^^^^^^^^this product should not be listed   
Expires:             2012-02-20
Subscription:        54129829316535230
ContractNumber:      39
AccountNumber:       12331131231

Changed the example:
http://docs.redhat.com/docs/en-US/Red_Hat_Enterprise_Linux/6/html/Deployment_Guide/viewing-ents-cmd.html