I'm resisting the urge to just reply with "why not", but I've got to ask it. (Don't take offence, it's a debate :p)
Personally, considering someone has specifically gone out of their way to censor the image I posted, I would consider it completely acceptable. Even if showing boobs and underbits is too much, censoring them out surely makes it acceptable, in my mind at least. I can almost understand why people don't want their kids seeing vaginas (but disagree with their reasoning); but surely an image of ladybits that has clearly been censored can't be offensive?