I, too, was least bothered by the S&M. The scene that did it for me was actually watching Bob die right on camera. I had never seen that before, and he looked like a fish out of water. It was really disturbing. But I liked the movie overall. Sheree bothered me too. Not a whole lot, but something about her was just.... wtf. Like when they met Sarah and she bought him a crop and Sheree turned it into this whole sexual thing. Bob, all the while, is just sitting there going "no, it was just a gift, something we have in common, stop making it sexual, no no no."
Actually one of my favorite parts on the DVD was the extra called "Sarah's Sick Too." It was something like 5 or 6 years later, and she's still doing well. She's married, they show her husband beating her. She talks about the movie and shares the same feeling that we do that the S&M was NOT the most traumatic part of the movie. She is quoted as asking those who watch it and claim the infamous "penis on a board" trick is the worst part... "Did you see the WHOLE thing? Did you see the end??" Not sure why exactly, but I love that extra.