Topless, but she has nothing to hide. I was topless a lot when I was ten and are still be when I'm at topless-beaches. It's a pity really that a female chest is so taboo that even a ten year old is sexulalized just for being bare chested.
I read threads about these pictures and the posts written by those who opposed them and those post were actually the most shocking ones. They compared a ten year old with porn-stars and prostitutes, that is taking it too far and an insult towards the child.
As an American, I feel dirty looking at those photos. But I would guess a European would feel OK about it due to the relaxed attitudes towards the human body over there.
But then again, this little girl is being dolled up and is posing to look like a 20 year old. And when a 20 year old model shows her chest, its sexual. So the same thoughts would go through people's heads when they see a kid posing like a 20 year old.
And why is a fashion magazine aimed at grown women featuring a child to model off clothes?