Mostly changing cross-dressing, effimate male badguys to female, and eliminating some homosexuality. IIRC, Sailor Uranus and Sailor Neptune are both lesbians.
And there are rumours of nudity, but I’ve never seen the Japanses version, this is all through my (female) friend who loves the show.
At least in the later seasons, there’s a bit of nudity. Bits of the transformation scenes were digitally edited to remove anything that might be more detailed than your average Barbie doll. But nothing major, except for the very last episode which will probably never air in the U.S.
The dub of the third season tried pitifully to remove all religious references from the dialogue (like the Holy Grail and the Messiah)…a bit difficult because the entire plot revolved around such references.
Sailors Uranus and Neptune are lesbians, but it’s not overly obvious. The dub turned them into cousins and left half the suggestive scenes in. Unintentionally hysterical.
What really amused me about it was that they made Neptune, to be perfectly blunt, a slut. Nary an episode wherin they appear that Neptune’s not talking about another male suitor (including having the hots for Darien, like every other straight female in the show (criminy, is this Shojo or Shonen?)).