incrediBILL - 6:13 am on Aug 30, 2009 (gmt 0) Answers the question of this thread rather definitely.
I did a little research and even though the content isn't physically copied, I stand corrected in that apparently framing is deemed infringement [bitlaw.com] that would be subject to a DMCA compaint:
problems can arise if a frame is used to show pages from two web sites at the same time. The use of frames in this way can mislead the viewer of a site as to the creator of its content, possibly raising issues of copyright infringement, passing off, defamation, and trademark infringement, just like the linking situations described above
Answers the question of this thread rather definitely.