The original cover art clearly did not test well because it was not good. Either the cover artist got in a lot of practice between editions, or they got a new artist. The originals were markedly less polished than the released versions.
(On going back to check that point... you know, I really thought the "Lady's Rock" cover had pants on. And a belt at her waist. Wishful thinking, evidently.)
As to content... the corebook has two women in belly-baring outfits with cleavage. One's got her teeth bared and is glaring at the reader in a way that's supposed to be fierce; the other, in her school-girl plaid skirt, is holding her cutlass like she's thinking about stabbing Glarey in the back. (Although I don't think that's the intention.) It's obviously cheesecake, but slightly more tasteful than the finished product.
The den of thieves supplement features the same 5th Element-inspired bandage outfit (no, that's not a typo). At least this figure is standing up (dancing? she's got a sway to her, and her hands over her head) but - yeah. Bandages over boobs. Her proportions aren't as outlandish as Busty Pirate and the whole thing is cartoony enough that it's a little hard to take seriously.
So... less blatant, but still nothing that makes me think this isn't targeted squarely at fifteen-year old boys. I was so hoping for scenes of swashbuckling sky-pirate action. And maybe dirigibles. Sigh...