A list of what was cut:

The flashback frame story of the film
The trial of Jose Quesada
"Justice!"
Daredevil's voiceover
Ben Urich's investigation
The priest
The introduction of the Kingpin
"Where did you learn to fight like that?"
"This ain't your neighborhood no more!"
"I'm not the bad guy"
Urich at the party
"I wish you could see me"
Kevin Smith
Elektra's MTV moment
Urich has to tell him to go after Bullseye?
So what if you were raised in the Bronx?
Elektra's Return?

Further info: http://sequentialarts.typepad.com/sequential_arts/sequential_arts_presents/