As far as I know there are no standardized television censorship standards and a majority of print-censorship is becoming so lax as to be non-existant. The trouble is, any censorship laws that do exist are archaic and unenforced.
A majority of doujinshi is now so negligently censored as to be unintentionally hilarious (pin-prick totally transparent dots covering full-page vaginas, etc)
The entire decency thing is rather unspoken. If someone attracts attention: they get in trouble (like DJ Ozma's nude body suits on Kohaku Uta-gassen) but if you can keep a low enough profile, chances are no one will rat you out.
Uttering one the ONLY actual obscenity in the Japanese language on air is probably a crap idea... but negligently censoring your 200 copies only fancomic about the 8 year-old schoolgirl with an improbably huge tool is probably just fine.