I don't think much would happen. Censorship isn't really necessary.
When I go to work, there's no-one preventing me from swearing like a sailor, but if I were to do so no-one would take me seriously and probably consider me childish. I swear when I see fit and I don't swear to shock someone.
Censorship usually just leads to having outlets where we aren't censored where we compensate for being censored somewhere else and then we let loose to such levels that we're not taken seriously. As for things being damaging to kids... kids pick up these things like sponges. They know it exists and thus they will use it. More so because it's something they shouldn't do.
thaluikhain said:
I'm thinking TV would get really bad really quickly. You'd have ads for, say, McDonalds which would just be naked women with golden Ms painted on their genitals.
Wouldn't happen. McDonalds have been spending decades and probably hundreds of millions to advertise themselves as a family friendly restaurant, they wouldn't throw that away because sex sells. A good deal of customers would be disgusted with this and choose their competitor instead.
Censorship isn't what keeps this kind of content out of the advertisement, it's rather the fact that they try to analyse their target audience and what ways to best advertise it to this group of people. Barilla recently decided that having a gay couple in their commercial would be bad for business because they want to advertise to an audience of traditional families. There's no censorship preventing any company form having a gay couple advertising their products. There's also a lot of shocking and disturbing things that could work under the limits of what would require censorship. Companies don't want to shock their customers. They want their money. The safest way is through offering a safe brand name that is enticing, not a painted pussy.