It's the real deal, and she looks fabulous.
See Esquire, "Katy Perry: A Woman We Love."
Also, full cover shot and more at Hollywood News, "Katy Perry Goes Topless on Cover of Esquire Magazine."
I'd say this is a bit more classy than Lady Gaga's bid to use dead bodies as props for the Monster tour. After a while shock is a turnoff. But hotness sells, over and over again. Katy Perry's got that side of the business down cold.
And Celebuzz quips, "Russell Brand is a really lucky guy."
And I'd say this post deserves billboard status at Sir. Smitty's Rule 5 Sunday!