A quick and shamefully shallow internet search reveals that the word "bit" could be considered derogatory British slang, hence prompting Konami to drop it from the game's title. Right below "biscuit arsed", it reads:
Bit: Noun. A woman. Abb. of 'bit of fluff' or 'bit of skirt', generally a person viewed sexually. Derog.
Well, thank goodness they caught that one. Countless many people would have been left disappointed after learning that Elebits doesn't involve you lifting up skirts with a gravity beam. Expect that game from some other Japanese developer sometime in the future.
[Image: Penny Arcade's surprisingly relevant Just for the Elebit.]