In MGS 1-3, there were sometimes poster girls or girlie magazines incorporated into the games. That was alright, especially because they were generic magazines, and not necessarily of the "nudie" variety.
In MGS4, there is a full endorsement of Playboy Magazine. Playboy features fully nude women, and by promoting it, MGS encourages players to buy and support pornography. Especially considering that may of the players are going to be younger, this is very inapproprite.
Pornography often exploits women, and women do it as a means of making money when all else fails. I realize that Playboy often features women who aren't exactly "trailer trash," but it certainly encourages men to think of women as sex objects, to be valued for their T & A instead of their inner assets.
After playing MGS4, I noticed that I had a compulsion to look at internet pornography, and only after hours and hours of binging on hardcore, exploitive porn did I realize that it was because of the not-so-subliminal messages I received while playing the game.