Checked my VHS and there is approximately 15 seconds cut from the scene with Greta, and another 10 or so from Dan's scene. My set is the US Box set, so will have to check the Aussie DVD release to see if it has the same edits, which were apparently originally there to achieve a American R rating...
Cut is the small doll being sliced open and bleeding, which Freddy feeds a piece of to Greta, followed by Freddy asking in a feeding-the-baby way, "Where are we?" before feeding her another piece, and the final shots which show that Greta is no longer being fed from the stomach of the doll, but from her own stomach, making sense of the "You are what you eat!" line.
The cuts to Dan's demise are mainly insert shots of tubes and pipes snaking into his skin and the first stage as the skin ripps from his face. At least no sense of the scene is lost with these.
I've never actually liked the Greta scene, it always felt a little clumsy and forced. Still for an expensive box set, the edits are annoying. Glad I got it cheap.