>>Does the above message means that licensing is required for complete funtional of JMS?
No, it doesn't. That same message appears in the 5.1.0.GA version, and JBoss Messaging works just fine.
Regarding the excp[etion stack trace, what configuration changes did you make to Messaging? The jboss.messaging.connectionfactory:service=ConnectionFactory MBean is declared in server/default/deploy/messaging/connection-factories-service.xml, so it should not be missing.
Is this the first exception stack trace in the server log (with ERROR level)?