In a recently published report by the ESRB, the ratings body makes note of some of the game's saucy dialogue. In one sequence a character can be overheard stating, "I would never violate His Graces privacy while he violates miladys privates. The game will also feature exposed breasts according to the report.
Players will also be able to slaughter helpless villagers throughout the course of Dragon's Dogma's campaign, though the ESRB notes that there will be negative repercussions for doing so. More specifically, your stamina bar will decrease with each helpless villager you slay.
Unsurprisingly Dragon's Dogma scored a Mature rating by the ESRB. It's due out next March on PlayStation 3.