I've hated most of what I've seen of the last few seasons, but a friend showed me the banned episode and it was actually decent. It didn't inspire me to start watching the show again, but I have to give credit where it's due--this was the only time Family Guy tried to have a message about an issue and didn't completely fall flat.
I think Fox was too scared to air a show about abortion, because the jokes were of comparable tastelessness to what they put on TV. Unless the whole "banned episode thing" was just a way to sell more DVDs.