When it came out, I went and bought the magazine (although that one's not my scan) and I can assure you, if it's fake, the magazine faked it, because that's exactly how it looks off the rack.
Well I still have that off the shelf mag. There are two shots, and both appear as real as you can get. Furthermore, in the interview (yes, there are a few words as well...) she goes to state that she's quite open about shots and isn't particularly worried about covering up (i.e. there's no reason she wouldn't pose in such a way).
Yeah, I know it was that way in the magazine. That pic was even on JLH's official site (although briefly).
I don't have the mag, but I do remember all the debates that swirled around it when it came out. Unfortunately, the magazine it was in, GQ, has faked pictures before (they've done it with Kelly Brook, Gisele Bundchen, and Kylie).
If you look closely at this one, the strip of fabric over the nipple is a different colour than the rest of it. That different colour appears nowhere else on the garment, and it's not present in any of the other pics of her wearing this top. The cover pic has her in that top and that different coloured area isn't there. I've also got a low-res outake from this shoot and again, no different coloured strip over the nipple.
There's a pull quote on one of the other pics in the mag that says: "It's much sexier to allude to what's under the tight T-shirt than to show it, don't you think?" Which seems kind of odd if there's a see through shot right beside it.
Add to that the fact that she's never worn anything else see through, even pokies are rare from her, and you can see why that pic is in my questionable pile.
I'd like it to be real, seeing her nipples is one of my goals in life.