The material covered is the same as in american fiction. Sex, taboo love affairs, erotic fantasies, etc. There are less 'sleazy' manga out there such as the Harlequin Violet manga series (published by Dark Horse comics).
Harlequin Ginger Blossom's Violet line is color-coded to denote its more sensual material. Not intended for younger readers, our Violet books embody sophisticated romance for readers looking for something a little sexier, but still intensely romantic! Readers 16 and up
The stories are more realistic than shoujo. They focus on families, jobs, relationships, animals, there are period pieces, adventure and science fiction (although it's rare to find a fantasy story).
The books are one volume long.
Josei artists are usually former shoujo artists that bring their interests and art into adulthood. Many take their characters from teenagers into adulthood as the artists themselves grow and mature.
The art styles vary from very detailed to sketchy, flowery themes to cool and restrained.
This type of manga is rarely made into anime.