There is no 40Mb service, they only throttle you on 20Mb and lower during certain times and for downloading certain ammounts, even with that you can still download over 100GB per day on 20Mb. The 50Mb service has no traffic management at all.
As for being a media company and getting a call from them if you download copyrighted material, as far as I know, not a single person has been taken to court over downloading copyrighted material on a virgin media connection. The only sort of letters they send out are to some very heavy users, and I download over 100GB a month and I dont get them letters so by their standards im within whats OK.
And to the people complaining about the 'up to' part of it, this is cable, not ADSL, line length doesn't matter which is why most, if not all research done, show that cable users get much closer, if not exactly at, the speed they are offered. As for people disliking it being called fibre when its co-ax the last few hundred M, well expect BT to do the same thing when they fully roll out FTTC.
As for censoring, VM dont censor anything any more than any other ISP. There is a blacklist in the UK of mostly child pornography sites in the UK which the majority of ISPs, even BT, block.