KISMIC, it is actually on the ABC, and while not as raunchy as SBS, they do like to be controversial at times. Also, the fact that Tipping the Velvet is on has gotten a lot of publicity in TV Guides and Newspapers around Australia means raising it's profile a little. I hope that they would not cut anything out!
Having said that, I watched the first part last night. It was very well done, but having just only finished the book, I have to say I prefer the book thus far. The build up of the relationship between Kitty and Nan, and the foreboding betrayal got me much more involved in the book. But then again, if they did everything on screen how it was in the book, it would turn into a 30 hour series rather than a 3 hour one. I can't wait to see the rest. Anna Chancellor as Diana will be amazing!