There was a sense of violence they removed from the movie that made it seem too "super hero"-ish. They removed a lot of the underlying philosophy, although... for the MTV generation, it might have flopped had they left it in.
They should have left in at least ONE of V's dissertations on what "real" anarchy means. It was the point of the whole movie after all... Not just "fight against tyranny".
The "Good Evening, London" Speech was a deal-breaker, for me.
Although, as you say, I would have been pleased had they left the Old Bailey Speech in. But I could live without it.