I think the order of priority (highest to lowest) when it comes to licencing should be as follows:
1: Tri-Nations / Six Nations teams
2: Argentina
3: Heineken Cup / Super 15 teams
4: Pacific Nations Cup / European Nations Cup teams (Fiji, Samoa, Tonga, Japan, Georgia, Romania, Russia, Spain, Portugal, Germany/Czech Republic/Ukraine)
5: Canada, USA, Uruguay
6: Challenge Cup teams
7: Guinness Premeirship / Top 14 / Magners League / Currie Cup / ITM Cup / Top League / Super 10
8: Asian 5 Nations teams ?
I know that if Rugby 2012 is anything like the old rugby games it'll only get half of those, but wouldn't it be great to have all those fully licensed competitions ?