Age of Conan has received their ratings!  Originally, Pharamond had posted the ratings details that were available.

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.

But this was apparently not how it was submitted to the ESRB board, and he later corrected the info with this:

It has come to our attention that the North American edition of the game was submitted (by Eidos) to the ESRB without any server-side censorship:

-full blood
-full fatalities
-breasts with nipples
-not full nudity

The ESRB reviewed our application and gave us a rating of Mature 17+. The full rating with descriptors has not yet been publicly announced but will be
posted on the ESRB web site on 13 February 2008.

Funcom apologizes for this small error (or maybe two small errors.)

So there you have it!  A full M rating will be coming your way in just a few weeks.