The time difference in this episode, not counting Intro, Outro and eyecatch, is 22 seconds.

The censored US version and the uncensored Japanese version were used for this comparison.

The fact that anime are being censored isn't a secret. Even the (completely suitable for children) series "Digimon Adventure" wasn't save from being edited.
The editors for the US version did a lot of changes. For example Joe became a softy-crybaby, who reacts allergic to everything and suffers from Asthma. Almost the whole score was changed, including the really nice Intro being replaced by a rap-song. Also at some points the US version fades to black and repeats the last part from the scene before (even on the DVD). At some points there is dialogue, where isn't any in the Japanese version. You can notice this especially in the first episode, where all the characters are introduced. While Tai talks like a waterfall in the English version, he is silent in the Japanese version.
As usual the eyecatch was removed from every episode. The eyecatch is a small animation that serves for parting the episode, when there would come a break for the ads. The removal of the eyecatch isn't listed in the censorship report.

Sadly the US DVDs from FOX Kids Entertainment only have the edited version on them and not the unedited version.

0:01:35
This time, the flashback to previous episodes and the opening credits are completely missing in the US version (not being included in the time difference).
The title card has been removed. The US version shows the title during the episode.

Japanese title: "Clash! The icy Digimon"
US title: "Subzero Ice Punch"

8 seconds

0:04:37
Yukidarumon's data can be seen a bit longer.

2 seconds

0:15:42
The brawl between Tai and Matt was completely removed.
The last part of the brawl which is only a (rather funny) skirmish has been been reinserted in the US version, shortly after.

10 seconds

0:17:00
Mojyamon's data can be seen longer, as well.

2 seconds