No first hand knowledge but I did do a little a little searching around and came across the U.S. State Dept's page on Chile and it does confirm some of the incentives offered to businesses relocating there. Obviously no mention of adult biz tolerance and I couldn't find anything that related to that in my searches.
http://www. state.gov/r/pa/ei/bgn/1981.htm
Look under the "Economy" sub heading about half way down that page for info on the incentives and other need to know info about the country's current situation.
This site has info from the Foreign Investment Committee of Chile
http://www. foreigninvestment.cl/english/general/politicas.asp
Under the "sevices" tab in the top bar navigation is a list provided for purpose of informing foreign investors of the availability in Chile of a wide variety of attorney offices and legal consulting firms, which could be helpful in their process of investing in Chile.
Might be worth contacting one of them for some solid advice re: the laws concerning adult material and doing biz there.
Sure sounds tempting tho doesn't it?