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.

4:25
The fighter punches Kathy in the face more often.
3 sec

5:07
He kicks her belly more often, too.
2 sec

5:21
More punches in the face again.
2 sec

5:55
Additional shot of Kathy getting flipped.
2 sec

6:22
Two missing kicks of Kathy's.
2 sec

6:55
And two punches.
2.5 sec

7:21
Several back-kicks of Kathy's.
10.5 sec

19:05
Kathy tosses him above her head and he lands on a table.
3 sec

20:04
Shot of Kathy kicking the guy against the glass from another angle.
1.5 sec

20:19
Another repitition from another angle.
1 sec

20:25
Several angles when the doorman gets kicked.
1 sec

20:28
Ditto when he ends up in a mud tank.
2 sec

20:34
A punch in the face plus a kick.
2 sec

22:05
Repitition of Ludwig getting slapped.
0.5 sec

38:06
Several angle of the chick getting undresses.
4 sec

38:20
Extended shot of them making out on the bed.
4.5 sec

42:25
Several shots of the guy hitting the box.
0.5 sec

43:19
Several angles of Ludwig executing the traitor. The following shot of the traitor's body dropping back is also being repeated.
5.5 sec

44:53
Some missing shots of Kathy. She's doing some training and jumps off a stage.
2.5 sec

45:33
The boy who watches Kathy's training also says he was going to call her Lady Dragon.
3 sec

55:45
Several angles of Kathy crashing through the gate.
4.5 sec

56:26
Kathy's foot sweep is being repeated as well.
1 sec

56:33
Missing shot of Kathy begin attacked with a cane or sth. The repitition is also in it.
1.5 sec

56:41
Alternate angle of Kathy taking down a guy with a cane.
1.5 sec

56:48
Alternate angle of Kathy taking a guy down.
1 sec

68:31
Several shots of the bikini chicks jumping in the pool.
4.5 sec

70:51
Missing reppitition of Ludwig tossing someone on the ground during his training.
1 sec

70:53
Ditto.
1 sec

71:06
Ludwig kicks a guy in the back. Two repititions.
2 sec

71:19
Ludwig keeps striking a guy.
2.5 sec

72:52
Extended shot of Kathy firing off shots.
12 sec

74:11
Repitition of the Mercedes crossing the barrier. Then a shot of the two other cars.
5 sec

74:57
Repitition of the car turning over.
4.5 sec

75:36
Parts of the chase are being repeated.
11 sec

75:49
Ditto.
2 sec

76:47
The car on the market turns over (repitition).
3 sec

76:54
Same here.
3.5 sec

77:43
The entire scene of Kathy blowing up Ludwig's depository with a bazooka has been removed.
39 sec

82:14
Kathy gets tossed further backwards because of the kick.
1.5 sec

83:36
Extended shot of Ludwig tossing Kathy over his head.
3 sec

83:53
Kathy kicks Ludwig more often.
5 sec

87:05
After Ludwig kicked Kathy's belly which is the reason why she gets tossed backwards, her somersault after hitting the ground is being repeated.
1 sec

89:07
Kathy punches Luwdig in the face several times, interrupted by intercuts of the boy.
6.5 sec

90:01
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.
6 sec