First impression is that its actually not too bad. They don't appear to have cut too much (yet), although they seem to have gone to a lot of trouble to minimise blood. All the explosive nosebleeds are gone, and considering the excess of sexy-no-jutsu in the first few episodes, thats a lot of blood to remove.
The dub voices are PAINFUL. The dub itself seems to be pretty reasonable (apart from some pronounciation which is just painful) and at least they've kept the original names and soundtrack (except for the op/ed).
All in all, less of a huge disaster than I initially thought it would be. Although the cutting will probably grow a bit more aggressive in 30 episodes or so when things actually get interesting.