The outlines were cut out of the dub because they were considered too "racy." Sailor Moon's transformation did not have many accent lines to begin with, so this mainly pertains to the other girls.
Also, at the end of Jupiter's transformation, a small portion is cut out from the pan up her body, to remove a shot of her butt (because her skirt flies up a little).
Some of the nudity slipped through the cutting process right into the dub. e.g. "Cherry Blossom Time." In the realm where a nude Sailor Moon talks to Queen Serenity, she looks down at Luna (whom she's clutching to her chest), and her breast is clearly seen.
In the Japanese episode 200, Sailor Moon is naked for almost the entire episode, except for her wings.
Nudity in Sailor Moon shows no explicit details, they're drawn rather simply. It's a bit like Barbie dolls (or similar fashion dolls); you get the general idea of the form, but it really isn't realistic.
Apparently it was cut because it was too "violent" for young viewers. However, it appears in most dubbed episodes anyway.
Many pictures of the girls slapping each other (usually across the face) were cut. Nothing of great importance. It just sometimes looks a bit silly when you see a character walk over to another, then all of a sudden one of them has a red cheek.