huan: The M version is not redundant.
The censorship in AO version is just pixelating sensitive stuff. In M version they went far above and actually replaced stuff with milder version, so they don't need pixelation. Even their stated reasons for doing it (streamers and people turned away by explicit sex) is believable. Pixelated area on screen just screams "there is something naughty here, you know very well what it is". M version is lot less disruptive if you are in just for the horror. I can believe streamers will really prefer it. If they make money on streamers alone... that's their fight, they believe it was worth it, I'm not gonna tell them how to run their business. There are markets where opt-in censorship won't cut it, they have to have something always-on, or they can't sell there at all. Lots of money to be made for relatively little work.
Really, their only fault I can see is offering only the cut version here, not giving us a choice.
Disclaimer: I didn't play either M or AO version, I just did some research and thinking. I played the demo, and Scarlet (short prequel offered for free). If AO gets here I'll give it another chance, if not... there are a lots of fishes in the gaming sea.
I agree with you, their only fault is that they only sell this version of the game. As it stands, however, I don't think this version is necessarily bad, but it's probably a lot less disturbing.
Having played all the games in the series except this one, I can also say that sex in these games is used as a horror device. Sometimes it's presented first in a romantic or sensual way, only to be twisted into something disturbing as it progresses, but in most cases these are just purely horrifying situations, one after the other. The sex in these games isn't exciting, it's horrible, and that's why I'm not sure if this version is still as twisted as the original, but if the devs did a good enough job, I guess they may have been able to make it work.
I must also add that I disagree with some people here. Playing the original game, I didn't think there were that many sex scenes, or that they were particularly frontal. Has anyone tried this version of the game? All things considered, it may work very well after all.