OK, so after going round and round with Microsoft support on this, I was transferred to someone that was at least willing to help. The first 2 techs stated the list was for "internal use only", but the third person explained that while it is true they don't have access to the actual list, they do state that it was derived from the same sensitive words list used for Forefront for Exchange and FOPE (Forefront Online Protection for Exchange) back in the day.
So, here's a list of EXAMPLES that a tech at Microsoft was willing to share. NOTE that it isn't the entire list, only a small subset of examples. I'm also told that it isn't case sensitive and that variations of spellings are also accounted for.
PLEASE NOTE, PER SE STAFF RULES/GUIDANCE THAT THIS LIST IS NSFW. WHILE HOSTED ON PASTEBIN WHICH IS A PERFECTLY ACCEPTABLE SITE AND IS ONLY TEXT, NOTE THAT THE EXAMPLES GIVEN ARE COMPLETELY NSFW...YOU'VE BEEN WARNED.
NSFW LINK: http://pastebin.com/s1vFSJyQ
EDIT (NSFW): Possibly the full FOPE list from back in the day: http://pastebin.com/cKMQFRwU
Hopefully this helps others like myself in properly testing out the sensitive words list properly after enabling it withing Office 365 / Exchange Online.