It's hard to guess what may or may not have been removed from the game, but it can be assumed that it's nothing major. I think we can all rest assured, Australian or otherwise, that the game will be just as entertaining either way, (assuming you like this type of game to begin with). I made this topic more as a discussion on the principal of the changes.
Australia, more often than not, gets the short end of the stick all around with gaming. Typically games come out far later, (even after Europe, who honestly also get screwed over with release dates), get edited, or banned outright, (for instance, Dark Sector. I recently bought this game. It's not fantastic, but it is pretty fun and by no means more violent then certain other games that have already been released there). I've read, (as others have already mentioned), that they are getting closer to an 18+ rating, and that's fantastic. I can only hope that this becomes effective almost immediately.
People complain about censorship in North America, and rightfully so, despite how liberal we may be with it in contrast to other places in the world. Gaming is a form of artistic and individual expression and should never be held back by clueless parents that can't understand this. Yes, there should always be ratings and age limits for things such as this, (music, movies, games, books, etc), to help parents keep inappropriate content from their children, but in this day and age to believe that video-games are only capable of being "games" is just ignorant. They can be just as beneficial as a book, an educational movie, or anything else for that matter.
Even if gaming in North America is stifled by ignorant conservatives, as wrong as it may be, be thankful that gaming awareness has become as progressive as it has, as we are minority in the global view. For those of you in Australia or Europe, be thankful that your respective homes are more progressive than if you were to live in even the most industrialized and modern parts of Africa or Central and South America. They get !@#$% on with this sort of thing more than most of us could even imagine, and that's not cool. No matter where you live, you need to stand up for freedom of expression in any and every format whenever possible and in whatever way you can.