well at the risk of being tagged as a person with WAY too much time on their hands, I've compiled an image to explain why I believe this is a morph. I think that it is safe to assume that image 1 is unaltered. Image 2 is the same image that I had originally posted above. Looking at the images side by side, you can see an obvious difference. However, one could argue that the camera lens that was used during the shoot created this effect (for example, the long perspective of the car). But to me, her nipples look larger and softer (anti-aliased from resample) in image 2. Perhaps this could be attributed to depth of field... but everything else before and beyond that range seems to be in focus.
So to the first test... In the bottom 2 left frames of the example, I used the size of PBD's iris as a frame of reference in each image to compare the size of her nipples in relation to the rest of the composition. Note that in Image 2 the nipple is slightly larger.
The 2 remaining frames on the right and bottom right focus on the right breast of image 2 where I noted some descrepencies: variations in color, shadow--lines and depth, as well as sharpness. These could be argued as jpeg compression artifacting, but to me they appear to be caused by layering, layer misalignment and resampling.
Anyway... as I stated above, I'm not complaining. I love PBD! I just have to know the truth cuz I'm a freak! Anyway it's BE and that's what this place is all about, right?!

Concur or disagree with the analysis? Anyone?
