For me the most interesting question in this regard is not just whether or not to have censored versions of games - IMO that's just changing your target audience - but whether or not it's a good idea to release the uncensored version in the same areas as well.

I get the objection that the simple fact that an uncensored (let's say 18+) version of the game exists will taint the image of the censored version as well. Especially since the VN world is chock full of 18+ games with amazing storylines. If you get attached to a galge and then find out there's a 'porn version' of it... it can really cause a disconnect. And when that happens, it kinda undermines the whole idea of having a censored alternative.

But I personally welcome having the choice.