We're not sure. Look.

It's hard to see there.
Look closer.

It might be a Photoshop job, but you can look at the big version here for a long time and decide for yourself.
REASONS WHY IT MIGHT BE REAL
1. It looks shaved. This is something Team Ninja would insist upon.
2. It looks clean and symmetrical. Like D-cups with seams on the top, Team Ninja would think this is how vaginas should look.
3. It's Dead or Alive Xtreme 2, a HORRIBLE SHIT game with no redeeming qualities that is quite broken and unplayable, but if it had carefully modelled vagina, people would buy it.
REASONS WHY IT MIGHT BE FAKE
1. Team Ninja couldn't even get the ankles right so they obviously can't be bothered to spend time modeling a vagina.
2. It's too good to be true. Nothing good like this happens. Probably just a poor modelling job and bad lighting.
3. We bought the first one and don't want to buy the second one, but reason #3 in the last list might apply to us.
Verdict: REAL.
Please don't try and convince us otherwise.

This photo from an EXCLUSIVE party held prior to the Tokyo Game Show shows Inis developers wearing Elite Beat Agents t-shirts! Inis made Gitaroo Man and Osu! Tatakae!! Ouendan so these are definitely the best t-shirts ever about a Nintendo DS game! The shirts are available in midnight, lime, and banana!!!
Here are some detail shots of the print:

Black. Definitely the one we'd get if we could get it.
But we're sure you can't buy these anywhere. :( Some real game journalists probably got them for free and are now using them to wax their cars. If Chris Kohler got one, it's probably still in plastic on a stack of other great things he gets.

That's the greenish one. We'd like to have it but would never wear that.
We'd have really liked to go to this party. Maybe we should tell the game journalists and Sony people we've talked to face to face that we do this web site and that invites to these parties should also be copied to us. Maybe we ought to skip the part about this web site.

And that's the yellow one. Just not right for our tone (we're a "winter"). But we'd still take it! If you have extras, let us know. NO ONE COULD POSSIBLY APPRECIATE IT MORE THAN US. NO ONE.

We should really stop reading High Snobiety, because it's 99% depressing. If we didn't have some weird obsession with buying t-shirts and hoodies, we'd never have to read people praising Godfather The Game sneakers.

Sadly, us.
This is the first pair of video game jeans we've ever seen (we're sure Invader made some jeans, with that tired Invader schtick). They're also the first set of jeans to make us sad. Not because we spent $200 on them (we didn't), but just because they exist.
We hate people who put little outfits together like they're little boys where their hats and jeans match. And we hate big white t-shirts that make adults looks like toddlers. And we hate Nikes. Especially ones that have "EA" embroidered on them. Who but some clueless EA executive being exactly the white man that black comedians are when they act like white men would ever put these on? We suppose someone who follows "street fashion" so closely they don't know they look like an asshole when they get dressed.
Fortunately, this is one of those "exclusive" collaborations written like "EA X The Year Of..." (the people who made these awful jeans) and we hope it's so exclusive that adult babies who want things like this in "mint condition" never actually wear them out of the house.