I don't find this picture [b]offensive[/b], per se.
I just don't find her to be the least bit attractive either. This is my opinion only but I'd say that she's on the ugly side of plain. Of course, I know nothing about her -- just her parents. I don't want to condemn her for the sins of her ancestors. She may be a very nice person or she could be a carbon copy of her mother. So I'm just commenting on what her appearance.
I don't know much about [b][i]Vanity Fair[/i][/b] magazine but I'm wondering how they could judge this person to be the "new JFK, Jr." Who honestly sees this person as a "sex symbol"? I think she went from "gawky adolescent" to gawky twenty-something. If I were prone to believing in left-wing conspiracies, I'd think somebody at the magazine was bought off (or strong armed) into making such a ludicrous statement.