I've looked through it, breifly though. The best term that I can come up with to describe it is: sophmoric. It is primarily a book of feats, spells, and rules, and there is a good bit of flavor material in it as well, however nothing truely innovative. Anyone could have come up with the majority of the material on there own if they had wanted to.
Nothing in the book is really that offensive (to me), however it is certainly questionable. IMO spells like "Power Word: Orgasm" and "Word of Comand: Masturbate" just seem too childish. There are a few interesting spells in it, that can be used to create "evil" spawn, and could make for an interesting backstory for some characters/NPCs.
the "photoshoped" pictures are very well done, but it certainly is not for anyone under the age of 18 (21 in some regions), unless accompanied by an adult. I can see why WoTC overreacted the way they did, but I think overall the book not as bad as it would seem. the book is definately not for everyone. Unless you have a need in your game for rules on how to deal with sex or are really just curious about it, you should probably save your money.