I'm not sure if I'm looking at the same thing you're talking about, but this isn't as bad as people are making it out to be.
Seeing this, I don't think the ESRB would be AO-ing it as suggested by another poster earlier. It's not too far from some of the things in Neptunia, and that's M.
I don't know. I'll never understand the mindset of people who cry "pedophilia" on this stuff I guess.
It really comes down to the law, and as far as I'm aware any sexualized depiction of minors (and this is pretty blatant), is considered child porn. Of course there's a certain degree of wiggle room when concerning drawings, because, you know, they aren't real people so the ages are arbitrary.
But I reckon as far as the ESRB is concerned, this won't be tolerable to any extent.
At the same time, I think NISA could get away with relatively subtle censorship and turn it into a completely releasable product.