Two reactions to this:
1. She is one beautiful woman.
2. The timing of the picture (the time of the Feast of the Our Lady of Guadelupe, the Patroness of the Americas - a feast day in the US and other Western Hemisphere countries - and incidently the namesake of the church I attend in Taiwan) as well as during the Advent season is troubling, especially given the SPanish title on the magazine and the clothing/atmosphere of the picture. I would regard this as mildly offensive.