imo, has more to do with the ironic conflict that results from producing a nudie mag that uses sex appeal to sell itself but doesn't see itself as being porn at all and in fact has at times even expressed disdain at the rest of the sex industry.
Some very intelligent people have worked there over the years and tried to get through that conflict and failed and that is because Hef convinced himself long ago that it was more about the brand and the notion that everyone actually really did want to read the articles more than anything else.
Considering how much they make on just the brand and in non-porn markets you can't blame him.
Smart move though to finally realize that the "adult" side of the Playboy brand (at least online) could and should be licensed as well and that they went with Manwin since they obviously seem to have a clue in that department...
