As a (magazine) subscriber, I don't see Playboy as pornography. I honestly do read it for the articles. If I want porn, I can easily find it on the Internet for free.
Playboy has always been about fantasy. They don't show penetration, they don't show the "head-on" shots of the crotchal region. They do air brush the girls for the same reason that they show $50,000 watches and $10,000 outfits for guys - it's fantasy. And they have explained this all in their magazine. When they send out their free videos with a subscription, it's typically pretty tame, such as two girls having a pillow fight. It's a fantasy. There's no sexual activity. They leave that to your imagination.
So what they really need to figure out is how to get people online to pay for their articles. THAT'S the challenge that I see.