The problem is, it still has it image to overcome, which is what it has worked so hard to brand. Take the nudes out and you aren't going to suddenly see it on your pastor's coffee table or start buying it for your 11 year old son.
I do see the sales appeal by being able to have it in the grocery store check out line, etc, and being back in the public view, but I also see it alienating their subscribers and hurting them.
Playboy isn't meant to be "hardcore porn" any more and doesn't directly compete with the Internet. A wise move may be doing the PG-13 photos in the standard version, and then adding an "extended scenes" centerfold booklet with the subscription.