Most of the time I find it vulgar, ugly and really unrealistic. However, here it's not really the problem since there's no cleavage, BUT two things bother me : first, her boobs would have to be huge to fit in this armor, in a way that would be almost disproportionate for her body ; second : I really think it would restrict her movements, because those big, solid shapes would block her arms during some moves. This is why this part of her armor disappoints me. It's a beautiful piece, and she looks like she can pull a real fight but for this part of the picture, which looks very unatural and impractical compared to the rest.
Keep in mind, though, that I really dislike boobs armors in general, so my opinion is biased. I feel like this image is saying "look I'm a warrior with a cool armor AND HUGE BOOBS" rather than "looke I'm a warrior with a cool armor", but from the other commentaries I see that most viewers are perfectly happy with this