Sadly, it has come to pass that Age of Conan has gone from being totally awesome, like the film Conan the Barbarian with all of its awesome blood and nudity, to being just as lame as every other craptacular fantasy MMO out there, much like Conan the Destroyer and its complete lack of anything resembling the Conan Universe. This news from the official Age of Conan forums:
Since we've just gotten our ratings, and since it's the topic of endless speculation, I can now give you the full and complete story on what you will and won't see in each "version" of the game.
Please note this isn't a design decision or something we can reverse. It's a legal (or as good as legal) requirement to sell the game in that particular territory.
With that said:
The US version is rated M for Mature by the ESRB. If you buy the US version, you will not see nipples.
The German version is rated 18+ by USK. The German version has full gore, but will not have decapitation, dismemberment, and over-the-top type fatalities.
The "elsewhere in Europe" version is rated 18+ by PEGI and is unchanged.
That's what I know and what I can tell you.
So, be sure to write a letter to the ESRB detailing your disdain for their ruling. Remember this is the country that was founded by religious zealots who were too extreme for the Church of England to put up with, and it still shows to this very day. Don't worry, the Nazis pretty much made modern Germany the second most morally screwed-up society on the planet.
Yes, that linked thread really is 47 pages of Conan bloody nipple rage.