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I don't think it's even censored. The light novel 1, like first page, has a picture of Horo, and theres nothing "drawn in" on the 2 slight bulges on her chest. The part about her unclothed is more a detail Asuna's probobly put in to represent how Horo, in wolf form, is as animals tend to be in the wild, unclothed, except for their fur. Horo isn't a magical beast, so her fur doesn't "turn" into clothes. When horo transforms, the constricting clothing is torn off, so when she returns to human form, obviously those clothes wouldn't be with her. It's not a "fan-service" thing, or something put in to draw in those interested in "fan-service." It's simply another way Asuna tries to make the events that happen as realistic as possible, under the circumstances of wolf diety's and the like. Besides, if you look at how a wolf feeds it's young, milk doesn't come from mammary glands on the chest, instead they are close to the genital region. Horo's "female anatomy" on her chest is more of a store for fat or how like how her paws turn to hands, her chest develops a shape similar to a females, rather than the location of the milk for young cubs. Thus, it has no need for a nipple which acts as the "suckle," and has no real point being drawn in.
That's the answer I came up with. None of it is censored, it's just that there, in reality, is nothing there.
This may also be on purpose by Asuna to keep reminding us of the true difference between Lawrence and Horo. In the end, no matter how close they may get, Horo simply is not a human girl, and he continues to reference and remind us of this.
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