I haven't read all the thread but most posters seem to be concentrating on the effect of the photo on the girl and on other young girls.
That's very important of course, but there is also the effect on the women who will (mostly) be reading the magazine.
We have long been encouraged to aspire to look like 18 year olds... then 16 year olds... 14 year olds.... We're now being told we should aspire to look like 10 year olds? WTF?
Please can we have models that are actually the age that might buy and wear the clothes they are advertising?