Lovely flick. My two cents about its meaning. SPOILERS.

A censorship board officer is haunted by a profound guilt for the fate of her sister, who has been missing since an unexplained incident during her childhood. Over the years, this guilt builds up to the extent that she starts "editing out" real experiences from her brain, replacing them with delusional fantasies of her 'saving' and 'rescuing' her sister until the entire reality she perceives becomes yet another "video nasty" horror flick she has to review every day at her work. The message is clear: Why does society censor stuff? To mitigate its own guilt.