well, the outfit would have been more embarassing if she hadn't shaved/waxed, surely?
i'm with Stuart, i can't see why people would care about this. surely what Miley Cyrus does with her crotch is nobody's business but Miley Cyrus's?
and yes, she does seem to be going for revealling outfits but for me the only answer to the question "what sort of message does this send?" is "maybe you should stop trying to photograph between the legs of a 17-year-old girl and publishing the results on the internet..."
where i'm from, that sort of behaviour can get you put on a list...