Take a look at the cover here http://www.museumofplay.org/online-collections/images/Z004/Z00493/Z0049356.jpg. It's very late 90s cheesecake-y goodness, although the number of shirtless fit men outnumber the lone busty blonde Elf. There's a kind of "innocence" to this type of art, much like Frank Frazetta's art, where a weird sensual (or perhaps sexual?) energy objectifies both men and women, making it comparatively inoffensive (at least to me).
So what's the story on our nearly-naked Elf maiden with huge knockers?