Dan, with all due respect you lack knowledge in halacha. Tznius is a halachic topic not a CH topic. Yes there are halachos regarding looking at (even!!) pictures of woman. The fact that you are not aware of them does not change them. The fact that certain people photoshopped instead of cutting it out does not change the halacha. Certain things are assur.
As a lubavitcher it's easy for you to pull out "mivtzoim" as a blanket rule that everything is muttar, those that actually do mivtzoim can attest as to how bad it is. They only fo it because they say the lubavitcher rebbe said he took responsibility.
Regarding pictures there is a back and forth between rav gavriel tzinner and the Lubavitcher rebbe.
The rebbe allowed:
1) black and white
2) photo
3) of the Rebbitzin ,
3) whom nobody really knew
Still it is מדת חסידות להחמיר however in this case we could print it,
4) because it can add to והחי יתן אל לבו