Update by Rod W, 21/7/2006: The following censorship information was kindly supplied by Gavin Salkeld from Salkeld Music. Thanks Gav.
The film was cut as it was being edited in post production by the BBFC and the MPAA, with some cuts remaining to this present day. However, the BBFC made more cuts to it upon formal submission to the board in 1997, and these cuts thankfully did not make their way into international versions of the film.
The previous R4 DVDs were mastered from censored UK discs, the missing footage being the stuff the BBFC cut upon the film's formal submission. As well as impact sounds from almost all the main fight scenes being toned down, we also did not see Wai Lin throwing shuriken (ninja stars) at a guard and cutting his throat and Bond stamping on a guard's head.
For the new Ultimate Edition, all the impact sounds are restored, along with the above missing BBFC footage. However, the original "rough cut" edits made by the BBFC and MPAA during the editing stages are extensive, and sadly still exist.
To clarify: as far as we know, no uncensored version, including MPAA/BBFC edits made to the initial edit of the film, exists anywhere in the world. (Rod W. and Gavin Salkeld, 25/7/2006)