[UPDATE] It looks like nipples will be optional in the US version, according to this post.
So lets get down to the nitty-gritty. The US version has been rated M for Mature by the ESRB -- the only thing removed from the game is nipples. In Germany, the game is rated 18+ by USK and contains full gore minus decapitation, dismemberment or any "over-the-top" style fatalities. Finally, the version to be available everywhere else in Europe is rated 18+ by PEGI and will remain completely unchanged.
We have to wonder how the German version contains "full gore" without any of the best parts of the gore in AoC -- the finishing moves. Then again, the American version has been rendered nipple-free so we can play the game without being assaulted by "awful" and "terrible" imagery! We're inclined to claim false advertising