It's pretty typical cartoon mayhem, but a couple of scenes toward the end push the limits a bit, and had to be re-shot for theatrical release. The original director's cut showed Bugs Bunny in the middle of a big sandwich and the dog bites into it, looking like the rabbit was bitten in half. In the final cut, a brief scene was added showing Bugs Bunny pushing his legs up in the sandwich so that when the dog bites into the bread, we know the rabbit wasn't injured.
The most violent moment is when the dog wishes he was dead and the dog dies from being shot. The original director's cut showed Bugs Bunny shooting him right in the mouth. The final cut had the rabbit give the gun to the dog and shoot himself in the head. Both scenes would be too violent for children, and the gun scene is often removed completely when shown on TV.
In addition, Bugs Bunny appears as a rather provocative mermaid, and even uses his inflatable floating device as breasts, although nothing too explicit or sexual is seen. Probably the most suggestive part is when the dog races toward the mermaid as a very phallic-looking torpedo.