Both versions are available on the Austrian DVD released by Voulez-Vous.
Even though most of the cuts in the US Version affect action scenes, it's not censoring per se. In most of the cases, double shots have been removed. Let me give you an example to illustrate that. Cynthia Rothrock kicks a guy in the face. In the Extended Version, she lifts her leg, kicks him in the face and he drops backwards. Then the same scene from another angle. The US Version doesn't contain the repitition from a different angle.
Sometimes, a scenes gets repeated more than just once. Anyhow, the US Version only shows those scenes once, no matter how often it's being repeated in the Extended Version. Some of the shots overlap, like the ones with the car stunts. Other scenes like Cynthia passing by a gate on a bike, cars driving along the same road twice or Richard Norton getting undressed and the girls jumping in the pool have been removed pretty thoroughly from the US Version.
And these cuts are really an improvement for the movie. While repeating shots sometimes look really awesome in action flicks (e.g. in Jackie Chan movies, especially Police Story), here it's just bugging - in particular in the unspectacular scenes. The choreography of the action scenes in Lady Dragon is excellent and tops most of the B-movies at that time. In the US Version, the action scenes are edited very well while they often aren't persuading the Extended Version.
The only exception is longer cut when Kathy blows up the depository. This scene is completely missing in the US Version - so it's not just a removed repitition. But the scene looks misplaced anyway. The bottom line here is that the US Version is definetely the better version of this terrific action flick. When Kathy uses the MG to shot at the traitors, censoring isn't very likely either. The scene lasts 30 sec in the Extended Version which is way too long.
Total difference: 45 scenes with a length of 2:58 minutes.
The fighter punches Kathy in the face more often.
He kicks her belly more often, too.
More punches in the face again.
Additional shot of Kathy getting flipped.
Two missing kicks of Kathy's.
And two punches.
Several back-kicks of Kathy's.
Kathy tosses him above her head and he lands on a table.
Shot of Kathy kicking the guy against the glass from another angle.
Another repitition from another angle.
Several angles when the doorman gets kicked.
Ditto when he ends up in a mud tank.
A punch in the face plus a kick.
Repitition of Ludwig getting slapped.
Several angle of the chick getting undresses.
Extended shot of them making out on the bed.
Several shots of the guy hitting the box.
Several angles of Ludwig executing the traitor. The following shot of the traitor's body dropping back is also being repeated.
Some missing shots of Kathy. She's doing some training and jumps off a stage.
The boy who watches Kathy's training also says he was going to call her Lady Dragon.
Several angles of Kathy crashing through the gate.
Kathy's foot sweep is being repeated as well.
Missing shot of Kathy begin attacked with a cane or sth. The repitition is also in it.
Alternate angle of Kathy taking down a guy with a cane.
Alternate angle of Kathy taking a guy down.
Several shots of the bikini chicks jumping in the pool.
Missing reppitition of Ludwig tossing someone on the ground during his training.
Ludwig kicks a guy in the back. Two repititions.
Ludwig keeps striking a guy.
Extended shot of Kathy firing off shots.
Repitition of the Mercedes crossing the barrier. Then a shot of the two other cars.
Repitition of the car turning over.
Parts of the chase are being repeated.
The car on the market turns over (repitition).
The entire scene of Kathy blowing up Ludwig's depository with a bazooka has been removed.
Kathy gets tossed further backwards because of the kick.
Extended shot of Ludwig tossing Kathy over his head.
Kathy kicks Ludwig more often.
After Ludwig kicked Kathy's belly which is the reason why she gets tossed backwards, her somersault after hitting the ground is being repeated.
Kathy punches Luwdig in the face several times, interrupted by intercuts of the boy.
After Kathy kicked Ludwig at 20 times in his face, he just tumbles. She kicks his legs so hard that he loses stability and hits the ground. Several repetitions of Ludwig going down have been removed here.