Is This Advertisement Offensive?

Vogue is running this ad for Gucci in the European editon of Vogue that is basically a fashion crotch shot. Now, there's nothing wrong with this kind of photography in the right context. But in a magazine like Vogue does this go to far? Does it degrade women? Does it perpetuate cheapening of our culture? Or are we just over reacting and being puritanically old fashioned? You decide.