Depends. The ridiculous gore in Bioshock: Infinite or The Last of Us really took away from the experience. In the Last of Us, I had to laugh out loud on just how over the top it was. Especially after an emotionally charged scene.
Although, how something so gory like Hannibal can make it on network TV but a topless shot, or even strong language can be banned is just odd.
Violence isn't overlooked completely. The bar for violence tolerance is just significantly higher. A few games that come to mind that cross that bar were Manhunt and that other game about going on a murder spree...Rampage, was it? The Rage? Something along those lines.
I didn't find The Last of Us to be that violent. The scene cuts out as soon as your character gets bitten before any of the real shit happens.
I'd like to take a look at the media's reaction to GTA San Andreas and see what got more flak: The violence or that Hot Coffee mod.