I have Code Composer v5.5 on my machine. The license status shows "unlicensed" under both Help >> Code Composer Studio Licensing Information >> Status and in lower left hand corner of the main window. I have used the manage option under Code Composer Studio Licensing Information to point to the license in both the default locations as well as my defined location. Nothing removes the "unlicensed" status.
My design builds fine but I'm having trouble with the debugger working properly. It is most likely a setup issue but I can't help but wonder if something is not being disabled by the "unlicensed" status. At any rate, we paid for a license and Code Composer ought to indicate that the tool is licensed.