The game won't be banned anywhere, no one had issues with anything going through the various ratings boards, except for those lost fingers. The good news is that there is apparently no other problem with the game's content, even in markets that have more strict rules about what can or can't be shown. Faliszek pointed out that this is a game where people are torn apart using a chainsaw, but bitten off fingers on the logo? That's crossing some line. Valve was told it had to change the hand, and if you look at the official images for the game now, those two fingers are simply bent back, not chewed off. That's an image Valve claims the ESRB wouldn't allow for future marketing materials.
At Valve's booth you saw one or two instances of the hand image shown in this picture of Chet Faliszeck, and the ring and pinky fingers have been completely bitten off. While going over my notes from E3 and thinking about Left 4 Dead 2, there was one small bit of the story that I thought was worth a second look.