I am pretty sure she wasn't photosopped here. You can tell but the belly and the natural skin folds. They never photoshop it to be this realistic:
Yes, magazines/catalogs will use photoshop to add some curves to their hips or backside but they never photoshop the belly to look bigger. They usually photoshop the hell out of waists to make them look thinner. And I am not saying she looks big now, I actually like it and think that's how lingerie models should look like (Y) I, too hope she won't give in and lose weight for VS because it looks like she's getting jobs with this body.