There are good licensed games! Sure! But most people talk about those based on Western licenses, and their good Japanese counterpart never gets enough love. That's why this list focus mostly on the best Japanese licensed games!
10 - Kishin Douji Zenki FX
Kishin Douji Zenki FX: Vajra Fight is the fabled, super expensive, extremely rare, fantastic 2D side-scrolling beat-em-up based on a manga/anime that almost no one knows about, which maybe looks a bit like Guardian Heroes, and is exclusive to a system almost nobody owns (NEC's PC-FX).
Zenki FX is a pretty impressive game! It's so filled with fluid animations and voices that it feels like watching an anime. The action is fast paced and the controls are pretty reliable and the gameplay is pretty fun, but it could use some variety and it's also rather short! Still, this is certainly a gorgeous game full of charm and energy!
9 - Yu Yu Hakusho: Makyou Touitsusen
Sunset Fighters/Makyou Touitsusen was developed by Treasure for the Genesis/Megadrive and is highly regarded as one of the best anime-to-game adaptations. The graphics are pretty good for the system and characters look very faithful to their anime counterparts and it has many voice clips for each character.
The battle system borrows the multi-plane battlefield from Fatal Fury and the special moves are all pretty easy to use. However, the main feature has to be the 4 VS mode even before Smash Brothers was even considered! This could have become a big classic, but unfortunately, it only got released in Japan and Brazil.
8 - Bleach DS: Souten ni Kakeru Unmei
Also developed by Treasure for the Nintendo DS, it's often considered to be a spiritual successor of Makyou Touitsusen, but being based on the Bleach franchise. Thanks to the superior hardware, there are tons of voice samples with higher quality, the graphics are way better, there are dozens of characters from the show, and different from the Yu Yu Hakusho game, there's a pretty long story-mode.
The 4 VS mode with multiple planes are still there and it's still really fun. If that isn't enough, there's a sequel called "Bleach DS 2nd Kokui Hirameku Requiem", with even more things, but unfortunately, the second one never got localized.
7 - Tatsunoko VS Capcom
This may be one of the most obscure Capcom Fighters to date (maybe losing to Saturday Night Slam Masters?), sole for the fact that its only home console release was for the Nintendo Wii. That's really unfortunate, since this is one of the finest fighting games ever created by the company. Tatsunoko's characters are perfectly represented and look really cool. The stages give a nostalgic feel, specially combining them with the BGMs, which is based on the themes from the anime shows. Tatsunoko's harsh demands prevented Capcom from doing most of what they wanted to do, so this game was to be even better!
6 - Ore no Imouto ga Konna ni Kawaii Wake ga Nai Portable ga Tsuzuku Wake ga Nai
The first Visual Novel adaptation of this franchise for the PSP by Guyzware was really well received and sold many copies in Japan. The second went beyond that! It got to the top of the ranks for weeks. The reason for that being the bright and colorful graphics, and the writing!
Many fans consider the characters to be more likable than the source material and the non-canon endings from this game to be better than the Light Novel's official ending, because it goes many steps further than the LNs, with many interesting developments, which is pretty impressive, considering most of the scenarios were not written by the original author, who even re-used some events from the game on the light novels, later. It also got popular enough to get an English fan-translation patch!