I agree that this isn't "promoting pedophilia". I think it's important to recognize that this company is Korean, and that the award it won was given in Cannes, France. I'd venture that the hot, high school aged school-girl fantasy meets a more relaxed public view in other countries than in the U.S. Left side is a teacher and a young student = colder than cold. Right side is porn fantasy material that is hotter than hot (I guess this is porn fantasy... ><).
I get that many people would find this offensive, but they need to get their PC stick from out their asses, methinks. The bad taste of this is what makes it so memorable. Someone in Cannes clearly thinks there's some creative genius in this. I kind of agree. Also, there's no bad publicity.

Still, I wouldn't look for this to gain wide distribution in the Americas.