It's kind of crazy that they're doing it one night a week. Wasn't it every night last time they ran them all? I'm enjoying it, but it's going to take a long time to air them this way. In fact, if my maths are right, nearly a year. Looking at it that way, I guess they're just giving a taste in the hopes we'll need our own fix when they cut us off.
I think there's a good chance that your "just a taste" theory will happen but they might start running two episodes a week or maybe S4 will have a nightly marathon when it gets closer to the new episodes (presumably the summer).
If this aired on AMC originally, as I know it did, why are all the profanities censored in these reruns?
The profanity has always been censored. After the first season, AMC made them cut down on the amount of profanity even when it's deleted. According to one of the commentaries, they're now allowed to say 'fuck' once a season and 'shit' three times an episode. I guess AMC feels that those words aren't offensive to people if you only use them with that frequency.