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Say I have a Raspberry Pi 2, built something around it and wrote a piece of Windows 10 IoT software for it. Let's call the whole thing a "product" which fulfills a particular purpose.

May I sell the product in this form or do I need a (commercial) Windows 10 IoT license?

From other answers, I found that redistributing the hardware is not an issue. This question is about Windows 10 only.

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You can distribute it. You can find the actual terms in the Commercial Terms of Use. The relevant part is section 1.a:

a) Grant. Microsoft grants you non-exclusive, limited, worldwide license rights to distribute Embedded Systems containing a Runtime Image if you sublicense such image to an End User by means of License Terms.

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