I know people constantly go on about how Original Floyds are way better but what are the exact specific differences between an original and licensed?
No-name and cheap LFRs are made out of non-hardened steel and the knife edges get wear and tear very quickly. The bridge becomes unplayable. Beware of the cheap Jackson, Schecter trems, as well of the Edge 3 from Ibanez too, they're all known to be feeble.

There are good bridges for the price though, like the Ibanez ZR on the S series.