For our two cents on the matter ... if we have M-rated video games, then why not M-rated themes? A gamer picture is one thing, since anybody can see it, but the only person seeing your theme is you, so what's all the hubbub? Based on the pictures we saw, the theme wasn't all that racy to begin with. You'll see more skin on the cover of Dead or Alive Xtreme 2.
There's always the DIY option, and we've seen some pretty over-the-top self-made themes out there. What do you have on yours?