Age of Conan - Rating Information @ Official Site

The ratings are in and it's nipples for some, beheadings for others.  No mention of miniature American flags though.

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.