I finally saw it! Didn't faint!
Actually, my greater fear came true, that it would drag a bit in the middle. But that was kind of unavoidable, and they did the best they could to liven that part up. Overall, I thought James Franco was excellent and the movie was good.
You know, I didn't even get all that grossed out. Yeah, the arm hacking wasn't the most pleasant scene ever. But it annoys me that news reports from this movie all have this kind of panicky tone, viewers fainting and so forth, whereas reports of movies like "Saw" and "Hostel" and the like -- seriously violent movies that would gross me out much more -- go uncommented upon.
Afterward, I watched the first 15 minutes of Blue Valentine, and now I think I have to go back for the rest of that.