The edit is framed by newly-inserted sequences of a kidnapped Fred Savage being read the story by Deadpool in a copy of the Princess Bride‘s bedroom. This is gamely done and adds a fair amount of comedy to proceedings.
Aside from some profanity overdubs and a near-total elimination of visible gore, there’s not much else different about the film. It’s disappointing that the edits weren’t made more blatant and funny, although perhaps this would have upstaged the fragile balance the film rides between story and gags.
If the idea was to get younger viewers legitimately into the audience, this film mages to do it. However, there’s not really enough added that everyone who’s already seen it will be happy to pay to see it again. That said, you get to be a cool guardian if you take your tween relatives to see it, but I’m sure the censored version of the film will lose a lot of its appeal to teens for precisely that reason. The film isn’t ultimately any better for the changes if you are unaffected by the age restriction.