I think Aeria needs to keep to its intentions of having the game in its original uncensored form as much as possible. If they go down the road of censoring things here, there and everywhere the game wont survive long.
I'm hoping that they will just edit the sentinel's base model to hide the nips and leave everything else alone. There is a fair bit of paranoia on the subject however, thanks to the fact that EnMasse outright lied when they said basically the same things that Tactics has, before revealing the actual changes.
Not that I'm particularly happy with even this best-case scenario since sentinel is the only character who doesn't sport MASSIVE BAGS OF FAT bigger then her head. I mean holy crap LivePlex, not everyone has a chesttumor fetish. Is it so hard to get something in-between?
Aeria is doing what it must to ensure compliance with local laws and an "M" rating from the ESRB. As chronos said, it's surprising that we are getting a translation at all, so we should be thankful that they are taking on this much risk already.
There is, however, one another reason for hoping the changes are very minor. When Tera's players dug into the censored Elin files we found that whoever edited them (supposedly the original Korean devs) either had no idea what they were doing, or simply didn't care and knowingly sent back the equivalent of a one-finger salute. I strongly suspect the latter, given how distressing it is for any author or artist to be asked to censor their work.
Keeping the changes small and simple makes it less likely we will see a repeat of that incident.