My girlfriend is not a fan of a lot of the female-centric ads, but she didn't find this one offensive. I was surprised, because I thought it was rather crude.
In general I support PETA and have done a lot of protests with them, so I'm pretty dulled to their antics. But, showcasing a "hurt" woman as a result of veganism ("compassion" anyone?) seems a bit weird.
When I first saw the ad I laughed, but I've seen vegans on both sides of the aisle, some pretty upset by this. Overall, whatever: it's PETA, they do crazy shit and a few people will probably get interested in a plant-based diet because of it.
The devils of past religions have always, at least in part, had animal characteristics, evidence of man's constant need to deny that he too is an animal, for to do so would serve a mighty blow to his impoverished ego. -Anton LaVey