It's licensed and the real deal. Had one. Threw a 60-in-1 PCB into it.
Good quality materials used, but the flat-screen ruined it for me. Classic games don't come out right on those IMHO. I can tell you that it wasn't easy selling it after only about 30 plays on the machine; no one wanted to buy it at less than half retail price.
I know you can order that unit with a bill changer, but I wonder if Namco offered them from the factory that way...