When they say content is going to be cut, I bet they're thinking of the kind of things most people in here don't even remember.
There are a lot of weird story beats that I can vaguely remember that would be fine to leave on the cutting room floor. Like Cait Sith getting crushed in the Temple of the Ancients and showing up with a new body? Shit like that. Shit that no one actually cares about.
The weird stuff is so FFVII, though. Cut the weird stuff out and it's soul is gone for me. The only big changes I'd care for is integrating Vincent and Yuffie in the plot since they were optional, and adding more scenes for them. I really don't want hours of extra cutscenes with Cloud acting emo before the lifestream event event happens.