Steve Jobs is gone five minutes and this is what happens?
From a Playboy spokeswoman:
We are releasing a web-based subscription service with Bondi Digital Publishing that will give users access to every issue of Playboy both past and present. The service will be iPad compatible and will utilize iPad functions.
We also have plans to release a non-nude version of a Playboy-branded iPad app in the coming months that adheres to all of Apple’s policies and guidelines.
Lots of hoop-la over nothing. You can read Playboy through Safari on the iPad; like you can do on any desktop or laptop computer - and have been able to do so, for years. Now the website will support iPads as well.
In short, no - the iTunes store does not allow Adult Material. Nothing has changed.