To me, sexualizing a child is wrong, whether in photographs (and some of those photos are sexually provocative), in jest, in contest, etc. Playing dress up is one thing, this is not dress up.
Looking at the full spread, it did mostly look like a dress-up party..there were a few photos that I found to be a little more aggressive that I'm comfortable with (the lipstick one, the tree one), but the rest were not really that bad to me.
I'm uber-sensitive to the plight of sexual abuse in children, and tend to lean to the cover them all up and keep them 6 approach, this isn't terribly awful to me...but worrisome, yes.
Toddlers & Tiaras on the other hand..that's a whole 'nother can of worms.