Quoting: M@GOidThere is two excuses for the price. One, it is a licensed game. They had to pay royalties for the owners the Terminator franchise. Two, they also licensed the "Bad To The Bone" song, which obviously had to pay royalties. [...]

That was my first thought as well. The license for Arnold is missing, but it turns out they already spoke briefly about the licensing in general:

Quoting: Reef EntertainmentArnold Schwarzenegger isn't in the game it’s just a T800. We didn't have his license, unfortunately. But for the rest, you have to ask each actor individually to use his portrait.

What we have is the right to use the characters. So like Sarah, John, T1000, T800, and then certain actors will also provide image rights to Studio Canal, which is included in the agreement. For example; Linda Hamilton is Sarah Connor, which is why you can see Linda at the beginning of the trailer. Whereas our right to use the Terminator itself, it doesn't include Arnold. When you see the character artwork for that, you'll see it's like the Terminator itself rather than Arnold. It's basically the endoskeleton that we have the right to use.

Michael Edwards played the future war version of John in the opening of T2. You see him, he lowers his binoculars, he's looking over the battlefield. Someone like that, we reached out separately to him to include his likeness. There's a definite difference between signing the T2 license and having the agreement to use the characters compared to the actor's likeness, which is separate.

- from an IGN article [External Link]

So, by my count, it's:

• The Terminator logo, story, characters, etc. from Studio Canal
• The likeness of Robert Patrick (if not included in the T2 license)
• The likeness of Edward Furlong (if not included in the T2 license)
• The likeness of Joe Morton (if not included in the T2 license)
• The likeness of Michael Edwards (that probably didn't break the bank, but still)
• The "Bad To The Bone" song by George Thorogood, like you mentioned
• The "Guitars, Cadillacs" song by Dwight Yoakam (within the bar)
• Several themes from the T2 score by Brad Fiedel

They probably paid a fair bit more than Ocean Software did back in the day as well.

All in all, I do think it's bit overpriced, but for something done this well and with day one Linux support, I had to give in and purchase it.