I wasn’t sure what forum to put this into, but this seemed to be the best fitted. I don’t want this to turn into a debate topic, please.
Anyways, I was just trying to think off examples regarding FCC censorship. I can think of two, but surely there are more.
The two I can think of are, of course, the FCC fining CBS over the Janet Jackson incident and also the fining against Howard Stern’s parent company. Are there any other examples?
Janet Jackson, they’ve fined for Howard Stern a bunch of times (I wouldn’t be surprised if Stern had the most obscenity fines of everybody), they fined Opie and Anthony for that sex in St. Patrick’s Cathedral thing. Here are the forfeiture orders they issued for obscenity/profanity/indecency since the Enforcement Bureau was created at the end of 1999:
http://www.fcc.gov/eb/broadcast/FO.html
And, please remember that those are only the forfeiture orders themselves. To take you through the process, after the Enforcement Bureau finds out a licensee may have violated the rules, they start an investigation (and they let the licensee know and comment). After they’re done investigating, if it looks like the rules were violated, the Commission issues a “Notice of Apparent Liability”. The NAL says, “We think you violated the rules on such and such a date, and here’s why. Therefore, we think you owe us $X.” At that point, the licensee can say “Hey, we think you’re wrong. We think $X is too much to pay and here’s why”. After that, the Enforcement Bureau issues a Forfeiture Order, saying, “Regarding the NAL, you have to pay $X to the US Treasury” (and then, if you made a good enough argument, they cut the fine. Occassionally, if you make a really good argument, they just issue an order saying they’re letting you off with a warning).
Just for fun, here are the NALs. (The NALs tend to be more fun than the forfeiture orders, because they include transcripts of the objectionable material.) 
Just for fun, here’s a chart, looking at the number of complaints and NALs issued in the past 10 years (in PDF)
http://www.fcc.gov/eb/broadcast/ichart.pdf
2004 saw the most NALs issued (12), followed by 1994, 1997, 2000, 2001, and 2002, all of which had 7. In 2004, there were a total of 1,068,802 complaints, against 314 programs, of which an NAL was warranted in 12 cases.
The FCC does not censor anything. They can issue fines for things that annoy them, though. In the most extreme case, they can revoke a broadcast license. I don’t think that’s ever happened for a television station. There were a few cases of license revokation for radio stations, IIRC.
The FCC does not censor content, per se. However, it can and does sanction stations for airing material that meets the standard for objectionable content.
I should note that the FCC does not initiate investigations into this kind of thing. A citizen has to complain about the action for the FCC to get involved. One of the issues that has been brought up on the SDMB is that a large percentage of complaints made to the FCC for objectionable content are by a surprisingly small number of people who are apparently from the same watchdog group. (Scarier still is the woman who told NPR that she knows all about Friends, even though she’s never seen an episode. These are the people who complain.)
That said, stations are increasingly covering themselves by recording literally every minute of every day, and keeping those recordings for a period of time to prove exactly what was said. In fact, the FCC is considering making it a requirement for stations to keep those recordings for 90 days.
Robin
General Tire was once a big player in the broadcast business (really!). The FCC revoked the license for their TV station in Boston when they were judged to have illegally lobbied an FCC regulatory officer.
I think there have been one or two others, as well.