The good news is that the Chicago-based publisher has offered “sincerest apologies” for the cover, which came out in the December edition, timed for the Feast of the Immaculate Conception, Our Lady of Guadalupe, and the Nativity–pretty much the Big Three for Mary.
As Bruce Tomaso at the Dallas Morning News tells it:

In its apology, Playboy said the Mexican edition of the magazine is published by a licensee, and that the parent company did not approve the cover.
“While Playboy Mexico never meant for the cover or images to offend anyone, we recognize that it has created offense, and we as well as Playboy Mexico offer our sincerest apologies,” the company said.
Raul Sayrols, publisher of Playboy Mexico, said: “The image is not and never was intended to portray the Virgin of Guadalupe or any other religious figure. The intent was to reflect a Renaissance-like mood on the cover.”

Hmmm….Not too sure about that. Not when your headline says “Te adoramos, Maria,” or, “We love you Mary.” The model is Maria Florencia Onori, so that’s their out. Frankly, the cover isn’t outrageous by Playboy standards, or even Victoria’s Secret catalogs. (I don’t know what’s inside, and if the “spread” does anything more explicit, in a religious sense. I suspect we’d have heard if it did.)
But that sense of decorum seems the final argument that this was intended as an icon of the Virgin. Anyway, what other Renaissance women was he talking about?