Depends, tbh. I'm not condoning p0rn shots where only the boobs are visible, but Page 3 stuff is ok IMO. Like I said to Stevo though, that's only my opinion and the pic I posted is artsy and tame. Other admin and I might have a different opinion on whatever you post, so use your head. Also, if it gets to the stage where too many threads become NSFW (so we can't moderate them from work ourselves) we'll have to knock it on the head.
Basically, abuse it and lose it. The privilege, not your nob - though the Catholics may say different.