General:
The one who is getting the present, is always getting the version of the country the buyer lives in.
Censorship:
So yes, it is possible to circumvent low violence with trading AND gifting.
However, a Publisher might have decided to prevent someone from installing the game when the IP is in a country where the game is blocked. So far this is only true for 1 game from Capcom so far, where I know about. The Game was Dead Rising 2 : Off the Record. That one for example is not installable in Germany, even if you get it gifted or traded, but the store gives me a warning if I visit it via cc=us.

It is also possible to gift it to someone where it is not available in the store at all. For example, I gave Space Marine to a British friend on Steam, because it was not available in his country on Steam store before release and a while after. ( wave @ Game )
Release Date:
That is still governed where you live at. For example, a friend gifted me Deus Ex HR Preorder. While the game was already out in the US where he lives, I had to wait the 3 extra days to play it.