I've been trying to find out something because it has been bugging me. I'm sure I read somewhere (probably on here) that there are differences between the Japanese Biohazard and the western Resident Evil (besides the name and Japanese, of course).
There were a few changes. Censorship of some things (as darkman mentioned), but also the western version has no auto aim and the JP version does. Also there's less ammo (15 per clip instead of 30) and less ink ribbons.
So nothing drastic. I may still pick it up at some point. Maybe in my next JP game bundle since I could probably get it for a fiver or so.