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GameSpot covers a GDC panel that saw Obsidian, BioWare and Disney discussing developing licensed games, which turns out to be a fairly dry subject:
More information.Urquhart has experience working with Dungeons & Dragons, Star Trek, and more, and told developers the best things they can do is ask lots of questions about the license. In working with Forgotten Realms, he said the developers made sure to ask about everything they could do with the world, from blowing up a city to having specific characters use one weapon or another.
Nicolai followed up on that point by urging developers of licensed games to still be creative, to try to do something new in the universe or push boundaries no matter how firmly established it is.