Unless you reach 100 corruption or allow the enemies to reach 100 domination, you won't lose the game, no matter how you play.
I think my first play through ended with about 80 corruption, as a 'turbo slut', and my second play through ended with about 8 corruption, as a 'virgin slut'. I didn't see quite as many sex scenes on the second run, but they still played about the same.
Well, if you go the non-lewd route, you do get to skip on all that 'icky' porn stuff. But, beyond that, I don't think there is much difference between the two, other than bragging rights for having a virgin character at the end of a PORN game.