Initially I was reluctant to watch this Anime because I had heard it was very graphical but after sitting through the entire series, I can confirm that at least to me, it wasn't very graphical at all, at least the TV Broadcast version. However, the Manga of Kodomo no Jikan is much more graphical where not only are the suggestive themes a lot more prominent, but there is absolutely no censoring. On the broadcast edition, perverted parts where you'd expect a panty-shot, or perhaps something even more becomes censored with a rotating circle with the Japanese 'no' kana (の).
The uncensored DVD edition removes these censors and if you are into lolicon perhaps you may wish to consider getting the uncensored DVDs instead of the episodes you would see on TV.
With the censoring in place one would imagine that this story is entirely still very perverse and have sexual themes between the student (Rin), and the teacher (Daisuke), but even that is limited. While it is true that there are a lot of sexual references and Rin tries to seduce Daisuke throughout the episodes, there is no student-teacher relationship which may be upsetting for many who were expecting as much. After the second episode, it seemed as if the lolicon themes were dropping. At first I thought it was just me, but then I looked back at it and it was probably a marketing gimmick to get the lolicons to stay tuned like a teaser of the series.
