According to this Gamespot article a clean M rated version will be in stores on August 22nd. The clean version will be rated M (again) but will be minus the Hot Coffee clothed pixel porn.

At the moment this version seems to be only available for Xbox, as there are no PS2 or PC versions apparent, such is their policy to not sell AO rated games. There is no official word from Rockstar on this yet. Gamespot officials apparently only state release dates when they are confident that's when it's going to sell- where they've obtained the info from is unknown, seems strange when they admit to not having an official statement from Rockstar.

We'll keep you posted with updates on this.